Legislative Dictionary - L

Judicial Dictionary

Legislative Dictionary

Life Insurance Business

Share |

TitleLife Insurance Business

"Life insurance business" means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except policies for death by accident only) or the happening of any contingency dependent on human life or which is subject to payment of premiums for a term dependent on human life and shall be deemed to include—

(a) the granting of disability and double or triple indemnity accident benefits,  if so provided in  the contract of insurance;

(b) the granting of annuities upon human life; and

(c) the granting of superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such person.

[See, section 2 (11), the Insurance Act, 1938 (Act No. IV of 1938)].
Created OnSeptember 18, 2011, 7:13 AM