Important Points for IC 72 - Motor Insurance Exam

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  • Insurance of motor vehicle is unique as it combines in itself damage to insured motor vehicle and insurance against liability towards damage to third party property and / or any personal injury / death sustained by third party or passengers or persons in employment as described in the policy or arising out of the use of the insured property.
  • Contracts of motor insurance are governed by the doctrine of uberrimae fides (utmost good faith).
  • The use ofproposal form is compulsory and thedeclaration clause in the proposal form modifies theCommon Law duty into aContractual duty of utmost good faith.
  • In motor insurance following class of persons have an insurable interest in the vehicle: Owner, Seller, Buyer, Hire Purchase, Hypothcatee, Joint Owners, Motor Traders, Hotel Owners, Legal Heirs, User
  • In practice, in motor insurance subrogation stands modified by Knock for Knock Agreement between insurers.

Motor Insurance Exam

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