Section 54 of the Marine Insurance Act, 1963 – When premium payable

Home › The Marine Insurance Act, 1963

Section 54: When premium payable

Unless otherwise agreed, the duty of the assured or his agent to pay the premium, and the duty of the insurer to issue the policy to the assured or his agent, are concurrent conditions, and the insurer is not bound to issue the policy until payment or tender of the premium.

Source: official text of The Marine Insurance Act, 1963 as published on India Code (PDF). All sections of the Marine Insurance Act, 1963.

Related posts:

  1. The Marine Insurance Act, 1963 – All Sections
  2. Section 84 of the Marine Insurance Act, 1963 – Return for failure of consideration
  3. Rule 305 of The General Financial Rules 2017 Postal Life Insurance Premia Register
  4. Section 34 of the Marine Insurance Act, 1963 – Double insurance