It may well be argued as to how life insurance cover is
provided to individuals and groups (example: insurance of toddy tappers or IRDP
beneficiaries or landless agricultural labours group life insurance) by social
organizations and even by government. Well, these are situations where ‘social
welfare’ becomes the object and the insurable interest. In all insurance
contracts of this type (i) the life cover is strictly limited to small sums
that would not motivate a beneficiary to desire death of the insured, and (ii)
the social organization or the government that purchases or provides for the
insurance cover does not become the beneficiary. They do not take away the
death claim; it is always given to the dependents of the life assured. This is
a new dimension to the concept, where the welfare of the individual, family or
society becomes the interest of the
purchaser and provider of insurance.
Key words:
Insurable interest
Social welfare
Insurable interest
Social welfare
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