Page 95 - Motor Insurance Ebook IC 72

Guide for Motor Insurance

iv) Just and fair assessment of claims - The scheme
offers a just and fair assessment of claims as it is
done by independent panels of retired judges,
medical practitioners and retired insurance
executives. Settlement of T.P. Claims under this
scheme is advantageous to insurance companies for
the following reasons:
a) The insurers get an opportunity to clear up cases
without going for litigation. If many claims get
settled through this machinery, it is felt that
smaller number of cases will go to MACT
Courts.
b) The claim is deemed have been settled once
and for all and there is no further litigation by
way of appeal to the higher Courts;
c) Speedy settlement gives satisfaction to the
insured.
d) Serves as a means of good publicity, good name
and prestige to the insurance company.

Q18. Define international practices of Motor insurance.
Ans. What is the international scenario of settling
motor third party liability?
There are different practices of dealing with motor third
party liability across the world. Some practices are
defined here as follow:

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