Answer to Question #166097 in Management for Kamal

Question #166097

Subject: insurance management

1.what do you understand by "doctrine of informal warranties"? explain in detail in 200 to 250 words


2.a)what do you mean by insurance contract?( please answer in 100 to 150 words)

b)explain the essential elements of an insurance contract ?(please answer elements in detail in 200 to 250 words )


3.what are the features of insurance act ,1938 ? explain in detail in points in 200 to 250 words


1
Expert's answer
2021-03-02T06:30:57-0500

The doctrine of informal warranties is a guarantee in a deal of individual property made by the dealer contemporaneously with, and a portion of, the contract of the deal, even though collateral to the express protest of it, having reference to the character or quality or the title to the merchandise or article sold, and by which he guarantees or embraces that certain realities are or might be as he speaks to them. This doctrine was started in Modern York, where after a careful examination of the choices at that time, the court concluded that on the off chance that the property sold was, at the time of the Deal, within the ownership of a third individual and there was no affirmation. The doctrine comes in two forms, the express and the suggested warranty. The warranty is express when made by the well-suited and express articulations of the vender; it is suggested when the law determines it from suggestion or induction from the nature of exchange or the parties' relative circumstance or circumstances.

An insurance contract is a written agreement representing the insured and the insurance company. The contract is vital and defines all the risks covered, terms of the policy, and the policy's limits. A valid contract must have four main requirements. These include legal purpose, consideration, offer and acceptance and competent parties.

There are five main features of the insurance act of 1938. These include registration, licensing of agents, licensing of loss assessors and surveyors, solvency margin, and premium payment before assumption of risk.


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