This policy grants
protection against: (a). Loss of the or
damage to the aircraft under
aircraft under specified circumstances. (B). All sum
which the insured or any member of the crew becomes liable
to pay for death, sickness or diseases
and bodily injury or of the third
parties, caused by the an accident
arising out of the ownership
maintenance or use of the aircraft. ( C ). All sum for the which the insured the
or any member of the crew of the aircraft
acting in the course of his duties
becomes liable legally to pay compensations in respect of: (1).
Death personal injury sickness
or diseases caused to any passenger at the time of the entering into being
carried out the in or alighting
from the air craft: (2). Loss of
the or damage to baggage and personal
effects registered or personally retained of the by
passenger in the course of the
carriage by the insured. VARIOUS
AVIATION POLICIES: (1). FREIGHT
LIABILITY POLICY: It protects the insured
against loss for which he is liable to the owners of cargo
on the loss or on the loss or damage to
cargo a and for delay in
delivery or mishandling. (2). Air MAIL
LIABILITY POLICY. It is similar to
freight liability policy except that this policy providers cover for the liability in respect of mail
carried on the aircraft . The limits of
the liability that appears in the air
mail liability policy range from Rs. 1
lakh to Rs. 5 Lakhs.
(3). PERSONAL ACCIDENT POLICY; Pilots flight navigators radio, officers and air hostesses may take
this policy for crew
to protect their own interest.
LIFE INSURANCE CORPORATION ACT 1956=This act was enacted
on 18.6.1956 and came into force
w. e. 1.7.1956. The act was formulated
with an objective to nationalize the
insurance business and acquire the existing
business of the life insurance companies
on the date. The objective of the act
as stated in its preamble is to provide for the nationalized of the life insurance business in India by transferring all such business to a
corporation established for the
purpose and to provide for the
regulations and control of the business
of the corporation and for matters connected
there with or incidental thereto:
To achieve the objective the Act
has laid down certain schemes to
acquire the existing life insurance business and most of the provision of the scheme have already been implemented and as a
result, they have no relevance in
the present business environment .
However the latest national policies and
globalizations of the insurance
industry have brought a significant
change in the approach and the applicability of the Act. In the beginning the objective of the act. Was no nationalize
the insurance business but under the changed
social economics. Scenario, the private
participation in the insurance
business has become the need of the hour (1). BODY CORPORATE (SEC 3):
Life insurance corporation of India
was not up on 1.09.1956 as a body corporate having perpetual
successions. (2).
COMPOSITION (SEC 4): The managing
committee of the corporation is
composed of not more than 16 members . One of the members will be appointed by the central
Governments as chairmen. (3).
CAPITAL (SEC 5). The capital of LIC is of LIC is of five crore rupees
provided by the central
Government. (4). FUNCTIONS (SEC 6). : The life insurance corporation of
India has to discharge the following
functions; (a). To carry on the
life insurance business as per the provisions
of the Act. It may be conduct the
business either the in India or
in the other countries . It will be
exercise the powers to secure the life insurance business. (B). It carries the business of capital redemption
reinsurance, business and
certain annuity business
of life insurance. ( C ). It lends to the
Or advances money on security of any movable
or immoveable property or
otherwise. (D). It borrows or raise money in such manner the and upon such security as the corporation on may think fit. MANAGEMENT
(SEC 18 TO 23.). : The
corporation may appointed one or
more persons a as managing directors
or Directors to manage the affairs
of the corporations . The managing
Directors is the whole time officers of the Corporation . The
executive committee delegates the powers , authorities and defines
duties and responsibility of the Managing Directors (sec 20). The central
Government also guides the corporation and Managing
director in matter of policy
involving public interest. These directions
are given in writing . The central Government directions are final
in the policy matters of
public interest (sec 21).
The corporation depending upon the need and the requirements appointed
an Executive Committee consisting
of not more than 5 members. This
committee exercise all powers to do all powers
to do all such as a acts and things as may be delegated or asked by the corporations . The
corporations may appoint an
investment committee to advise the
corporations while investing the funds . This committee
comprises not less than
eight members out of the whom at least four members are exercise
and posses special knowledge
in matters of finance and investments
of funds. The corporation has its central office at the Mumbai
. Zonal officers were established at Delhi
, Kanpur, Kolkata , Chennai, Mumbai, Hyderabad , and Bhopal.
ACCOUNTS AND REPORTING/: (a).
The corporation will have to
be its own fund from which
the claims are paid and
liability are met. The amounts
received from different sources such as a deposit
, premium and panalties are
credited into the this account (sec
24). All the accounts of the corporations are subject to audit. The audit
will be conducted by the
qualified auditors appointed by the corporations as per the
directions of the Central
government:. ( C ). The auditors undertaken the audit of the all books and accounts and submit their report to the corporations and forward
a copy the central Government
(Sec 25). (D). The
actuaries are to value the financial position of the corporation o the at least once in the 2 years of the and
submit their reports to the corporation and to the central Government ( (Sec
26). (E). The corporation will maintain
all the accounts and prepare and
publish the financial statements
such as a balance sheets,
receipts and payments profit & Loss accounts and
apportionment of the profit
immediately after the completion of the financial year. These are the made as per the
provisions of the insurance Act 1938, and
the regulations made by the
Authority. After the audit of the
financial statement the corporation submits the financial statements along with the audit certifications to the
regulatory Authority and also to
the Central Government. (F),. 95% of surplus funds of the profit after meeting the liabilities of the corporation are presented
and the preserved as surplus reserves
for life insurance policy
holders and the remaining amount the will be utilized as per the
directions of the Central
Government. (G). All the reports of the
actuaries and of financial positions
are to be placed before the House of the
parliament as soon as per the
reports are received by the Central Government (Sec 29).