Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
Page 25 Of 52
Go to:
The onus of proving a claim rests with the insured.
The insurer recovers amounts (claim) from the Third Party and / or Third Party's insurers, under subrogation.
An ex-gratia payment relates to the event when the claim is not covered but for business reasons, payment is made to the insured as a goodwill gesture.
Ex-gratia payments are totally a matter of grace on the part of the insurer, as there is no legal obligation under the contract. Ex-gratia payment decision is taken at a senior management level
Arson is the criminal offence of burning ones own property (usually to defraud)
MODELEXAM® 
www.realsoftinfoplan.com