Page 211 - Liability Insurance IC74

Guide for Liability Insurance

as per the Government Scheme. Any award that
exceeds the amount payable under the Insurance Policy
shall be met from the Relief fund, and in case the award
exceeds the total of the amount which falls short of
such sum shall be met by the owner.

Repeat of Q3© of May 2007.
The following may be exempted from compulsory
insurance by the Central Government :
a) The Central Government.
b) Any State Government.
c) Any corporation owned or controlled by the Central

or State Government or
d) Any local authority.

(b) Illustrate with examples Policy Period and period
of insurance.

Ans. 'Policy Period' means the period commencing from the
effective date and hour as shown in the Policy Schedule
and terminating at midnight on the expiry date as shown
in the Schedule. For e.g, the period may commence at
11 AM on 1.1.2009 and expire at midnight on 31.12.2009.

'Period of Insurance' means the period commencing
from the retroactive date and terminating on the expiry

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