Page 88 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

HLV is the present value of the future earnings of an individual.

A waiver is the voluntary relinquishing of a known right.

Estoppel is an imposed liability. Estoppel prevents one from

asserting a right because of prior conduct that is inconsistent

with such an assertion.

The purpose of the Rome Convention is to establish uniform

choice of law rules for contractual obligations throughout the

EEC.

Life insurance business in India was regulated mainly by the

provisions of: Insurance Act 1938, Insurance Rules,1939, LIC Act

1956 and LIC Regulations, 1959.

After the submission of the Malhotra Committee report, the

IRDA was established in 1999.