@ALLIESFIN
ARTICLE IN MAHARASTRA TIMES.
"Death of Policyholder due to Malaria after Mosquito Bite is an accidental death and hence Insurance Company is liable to pay the sum assured."
In an interesting Case of National Insurance Co. Ltd. V/s Mosumi Bhattacharjee, (R.P. No.1270/2016), a question came before the National Commission to decide whether
death of a Policy holder due to Malaria after a mosquito bite can be termed as accidental Death ?
Facts in short.
1. Late Mr. Debashish Bhatacharjee, the husband of the Complainant took the home loan from Bank of Baroda and along with it, he also availed facility of Term insurance like policy by name "Bank of Baroda Loan Suraksha Vima", issued by the National Insurance Co. Incase of an accidental death, the policy amount was to be paid to the claimants
2. During the subsistence of the Policy, the Policy holder died due to Malaria and hence his legal heirs (LRs) applied to the Insurance Company fir getting the sum assured.
3. But the Insurance Company turned down the claim on the ground that Malaria itself is a disease and not an accident. Hence the LRs filed the complaint before the District consumer forum, which was allowed in their favour. Hence the Insurance Company filed the appeal in state commission, which was also rejected and hence the matter came to national Commission.
Held :
1. The National Commission upheld both the judgments of lower foras and observed that the Policy does not define the Term "Accident". It relied upon the definition of Accident given in oxford dictionary, wherein it is defined as "An Accident is something that happens unexpectedly and not planned in advance and causes injury".
2. Thus no one can predict about the mosquito bite and it can happen anywhere and anytime, like an accident. It relied upon the earlier judgment of Matbarsingh V/s Oriental Insurance Co.) wherein it has been held that Snake-bite, dog-bite, frost-bite are also accidents. It rejected the argument of the National Insurance company that Malaria itself is a disease and not an accident.
A) I feel this is an important judgment. Few days back, at least a person in every family was suffering from Dengue / chikungunya and Malaria. Few patients were succumbed to death due to such diseases.This judgment may be helpful to such families. Obviously terms of Policy, if any, will play an important role.
B) This decision also underlines the importance of having Term Insurance like policies. Consult an expert in this field.
Article in Maharashtra Times.
T.ME/ALLIESFIN
#Info
ARTICLE IN MAHARASTRA TIMES.
"Death of Policyholder due to Malaria after Mosquito Bite is an accidental death and hence Insurance Company is liable to pay the sum assured."
In an interesting Case of National Insurance Co. Ltd. V/s Mosumi Bhattacharjee, (R.P. No.1270/2016), a question came before the National Commission to decide whether
death of a Policy holder due to Malaria after a mosquito bite can be termed as accidental Death ?
Facts in short.
1. Late Mr. Debashish Bhatacharjee, the husband of the Complainant took the home loan from Bank of Baroda and along with it, he also availed facility of Term insurance like policy by name "Bank of Baroda Loan Suraksha Vima", issued by the National Insurance Co. Incase of an accidental death, the policy amount was to be paid to the claimants
2. During the subsistence of the Policy, the Policy holder died due to Malaria and hence his legal heirs (LRs) applied to the Insurance Company fir getting the sum assured.
3. But the Insurance Company turned down the claim on the ground that Malaria itself is a disease and not an accident. Hence the LRs filed the complaint before the District consumer forum, which was allowed in their favour. Hence the Insurance Company filed the appeal in state commission, which was also rejected and hence the matter came to national Commission.
Held :
1. The National Commission upheld both the judgments of lower foras and observed that the Policy does not define the Term "Accident". It relied upon the definition of Accident given in oxford dictionary, wherein it is defined as "An Accident is something that happens unexpectedly and not planned in advance and causes injury".
2. Thus no one can predict about the mosquito bite and it can happen anywhere and anytime, like an accident. It relied upon the earlier judgment of Matbarsingh V/s Oriental Insurance Co.) wherein it has been held that Snake-bite, dog-bite, frost-bite are also accidents. It rejected the argument of the National Insurance company that Malaria itself is a disease and not an accident.
A) I feel this is an important judgment. Few days back, at least a person in every family was suffering from Dengue / chikungunya and Malaria. Few patients were succumbed to death due to such diseases.This judgment may be helpful to such families. Obviously terms of Policy, if any, will play an important role.
B) This decision also underlines the importance of having Term Insurance like policies. Consult an expert in this field.
Article in Maharashtra Times.
T.ME/ALLIESFIN
#Info
@AlliesFin
#market #info
Sensex: 37,389: +835: +2.28%
Nifty: 11,050: +245: +2.26%
Dow: 27,174: +359: +1.34%
S&P: 3,298: +52: +1.60%
Nas: 10,914: +241: +2.26%
Brazil: 96,999 (-13) (-0.01%)
Ftse: 5,843: +20: +0.34%
Dax: 12,469 (-137) (-1.09%)
Cac: 4,730 (-33) (-0.69%)
WTI Oil: $40.25 (-0.15%)
Brnt: $41.92 (-0.05%)
Gold: $1866 (-11) (-0.56%)
Silver: $23.09 (-0.44%)
Copper: $297.10: +0.10%
Eur-$: 1.1631 (-0.35%)
GBP-$: 1.2746 (-0.01%)
$-Jpy: 105.5800: +0.16%
Re: 73.6125 (-0.39%)
US10yr: 0.65%
GIND10YR: 6.038: +0.77%
$ Index: 94.6420: +0.31%
Vix: 26.38 (-7.47%)
BalticDry: 1,605: +179: +12.55%
#ADRGDR
Cogni: +1.76%
Infy: +3.98%
Wit: +3.05%
IciciBk: +3.23%
HdfcBk: +2.08%
DrRdy: +2.72%
TataMot: +2.61%
Vedanta: +5.11%
TatSt: +2.18%
Axis: +3.46%
SBI: +2.28%
RIGD: +2.56%
INDA: +1.97% (IShares MSCI INDIA ETF)
INDY: +1.53% (IShares MSCI INDIA 50 ETF)
EPI: +2.04% (Wisdom Tree India Earning)
Stocks climbed as dip buyers appeared after the market slide and traders awaited developments on U.S. stimulus talks. Technology stocks again rode to Wall Street’s rescue on Friday, as late-session rally clinches Nasdaq’s first weekly gain since August. It was the best day for the major averages since Sept. 9.: Four-week losing streak for Dow, S&P 500 is longest since August 2019. After the close of regular trading, House Speaker Nancy Pelosi’s spokesman said that she talked with Treasury Secretary Steven Mnuchin Friday regarding a relief package, and they agreed to continue their conversation.
It’s becoming increasingly clear that investors had indeed priced in another round of fiscal stimulus.
Boeing surged on a news report the top U.S. aviation regulator plans to test-fly the grounded 737 Max on Wednesday. Carnival and Royal Caribbean Cruises rallied after being upgraded at Barclays, which said the “worst is in the past” for cruise companies. The dollar advanced.
Investors started buying beaten-down shares after the Nasdaq confirmed a corrective phase earlier this month and the S&P 500 on an intra-day basis briefly broke that barrier this week. Investors are looking at the long term and believe technology remains the investment of choice.
For the week, the Dow was down 1.8%, and the S&P 500 lost 0.6%. It was the fourth straight weekly decline for the two indexes, matching the longest losing streak since August 2019. The Nasdaq gained 1.1% for the week, ending a three-week stretch of declines.
Investors continue to watch Washington for signs of progress in long-stalled talks on another round of spending aimed at cushioning the blow of the pandemic. House Democrats on Thursday were preparing a $2.4 trillion aid package that includes a number of items seen having bipartisan support, including direct payments to households, the Paycheck Protection Program, a revival of a federal add-on to state unemployment benefits, as well as a renewal of aid to airlines and money to help restaurants stay open.
But analysts said the path to an agreement remained unclear, while jitters are rising over the prospect of a contested presidential election on Nov. 3 that could leave the outcome of the contest in limbo for weeks.
The VIX, which reflects investor expectations for S&P 500 volatility in the coming 30 days, stands just below 30, above its long-term average near 20, after jumping to nearly 36 earlier this month as tech stocks kicked off a sharp market pullback.
Rising COVID-19 cases have led to the return of some lockdown measures in European countries, while rising cases in parts of the U.S. have highlighted worries about the potential of another wave in this fall. Signs of a slowing of the economic rebound from the pandemic-induced sudden stop in March have undercut sentiment.
**In economic reports, orders for durable goods rose 0.4% in August, the fourth straight gain but a more modest increase after three straight strong gains, the government said Friday.*
*Economists had fore
#market #info
Sensex: 37,389: +835: +2.28%
Nifty: 11,050: +245: +2.26%
Dow: 27,174: +359: +1.34%
S&P: 3,298: +52: +1.60%
Nas: 10,914: +241: +2.26%
Brazil: 96,999 (-13) (-0.01%)
Ftse: 5,843: +20: +0.34%
Dax: 12,469 (-137) (-1.09%)
Cac: 4,730 (-33) (-0.69%)
WTI Oil: $40.25 (-0.15%)
Brnt: $41.92 (-0.05%)
Gold: $1866 (-11) (-0.56%)
Silver: $23.09 (-0.44%)
Copper: $297.10: +0.10%
Eur-$: 1.1631 (-0.35%)
GBP-$: 1.2746 (-0.01%)
$-Jpy: 105.5800: +0.16%
Re: 73.6125 (-0.39%)
US10yr: 0.65%
GIND10YR: 6.038: +0.77%
$ Index: 94.6420: +0.31%
Vix: 26.38 (-7.47%)
BalticDry: 1,605: +179: +12.55%
#ADRGDR
Cogni: +1.76%
Infy: +3.98%
Wit: +3.05%
IciciBk: +3.23%
HdfcBk: +2.08%
DrRdy: +2.72%
TataMot: +2.61%
Vedanta: +5.11%
TatSt: +2.18%
Axis: +3.46%
SBI: +2.28%
RIGD: +2.56%
INDA: +1.97% (IShares MSCI INDIA ETF)
INDY: +1.53% (IShares MSCI INDIA 50 ETF)
EPI: +2.04% (Wisdom Tree India Earning)
Stocks climbed as dip buyers appeared after the market slide and traders awaited developments on U.S. stimulus talks. Technology stocks again rode to Wall Street’s rescue on Friday, as late-session rally clinches Nasdaq’s first weekly gain since August. It was the best day for the major averages since Sept. 9.: Four-week losing streak for Dow, S&P 500 is longest since August 2019. After the close of regular trading, House Speaker Nancy Pelosi’s spokesman said that she talked with Treasury Secretary Steven Mnuchin Friday regarding a relief package, and they agreed to continue their conversation.
It’s becoming increasingly clear that investors had indeed priced in another round of fiscal stimulus.
Boeing surged on a news report the top U.S. aviation regulator plans to test-fly the grounded 737 Max on Wednesday. Carnival and Royal Caribbean Cruises rallied after being upgraded at Barclays, which said the “worst is in the past” for cruise companies. The dollar advanced.
Investors started buying beaten-down shares after the Nasdaq confirmed a corrective phase earlier this month and the S&P 500 on an intra-day basis briefly broke that barrier this week. Investors are looking at the long term and believe technology remains the investment of choice.
For the week, the Dow was down 1.8%, and the S&P 500 lost 0.6%. It was the fourth straight weekly decline for the two indexes, matching the longest losing streak since August 2019. The Nasdaq gained 1.1% for the week, ending a three-week stretch of declines.
Investors continue to watch Washington for signs of progress in long-stalled talks on another round of spending aimed at cushioning the blow of the pandemic. House Democrats on Thursday were preparing a $2.4 trillion aid package that includes a number of items seen having bipartisan support, including direct payments to households, the Paycheck Protection Program, a revival of a federal add-on to state unemployment benefits, as well as a renewal of aid to airlines and money to help restaurants stay open.
But analysts said the path to an agreement remained unclear, while jitters are rising over the prospect of a contested presidential election on Nov. 3 that could leave the outcome of the contest in limbo for weeks.
The VIX, which reflects investor expectations for S&P 500 volatility in the coming 30 days, stands just below 30, above its long-term average near 20, after jumping to nearly 36 earlier this month as tech stocks kicked off a sharp market pullback.
Rising COVID-19 cases have led to the return of some lockdown measures in European countries, while rising cases in parts of the U.S. have highlighted worries about the potential of another wave in this fall. Signs of a slowing of the economic rebound from the pandemic-induced sudden stop in March have undercut sentiment.
**In economic reports, orders for durable goods rose 0.4% in August, the fourth straight gain but a more modest increase after three straight strong gains, the government said Friday.*
*Economists had fore