Page 67 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Insurance Laws and Practices

Notes of care, creating a form of de facto partial insurance. This means fewer uninsured patients have
reasons to seek insurance or see doctors regularly, leading to emergency room overcrowding
and late treatment for medical conditions.
Health care policymakers need to consider the impact of partial insurance. Hospitals and doctors’
offices make treatment decisions based in part on what types of insurance patients have, which
can conflict with the best medical practices. Federal health care reform legislation from 2010,
which goes into full effect in 2014, seeks to address partial insurance by making comprehensive
policies mandatory and more affordable.

Self Assessment

Fill in the blanks:
15. Partial insurance refers to ……………………… health insurance coverage.

16. Health care analysts and professionals discuss partial insurance along with the
………………………………….. when advocating health insurance policy changes.

Case Study Future Generali insures Falguni Pathak’s Garba

MUMBAI: Future Generali has bagged the deal to insure dandiya queen Falguni Pathak’s
prestigious garba event at Ghatkopar this year. The nine-day festival of Navratri begins
Saturday, October 5.
This year Falguni’s Ta Thaiya group will perform at the Mangal Navratri 2013 at the police
parade grounds from October 5-13. The event is organised by Mangal Entertainment Pvt
Ltd.
Falguni’s event has been covered for cancellation due to various perils including terrorism
and non-appearance of artistes owing to accident or critical illness.
Future Generali has also insured the rival Ghatkopar Samaj’s Versatile Navratri 2013 to be
held at Somaiya Grounds in Ghatkopar east.

The company did not divulge details of total cover or premium paid but said that normally
event insurance rates range from 0.30% to 0.65% or more, depending upon location, type
of event and coverage required. Easwara Narayanan, chief operating officer, Future Generali
India, said, “Festivals like Ganesh Chaturthi and Navratri are assuming a grand scale
owing to large pandals and celebrity performances. The risk perspectives are too vast to
be ignored from an insurance viewpoint, and the organisers understand this as well.”
Future Generali offers insurance for films, television serials and live events across India.
Question
Examine the presence of elements of contract of insurance in the above mentioned case.
Source: http://articles.timesofindia.indiatimes.com/2013-10-05/india-business/42745604_1_falguni-
pathak-future-generali-india-garba
4.6 Summary

In an insurance contract, one party, the insured, pays a specified amount of money, called
a premium, to another party, the insurer. The insurer, in turn, agrees to compensate the
insured for specific future losses.

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