Case Law Analysis
|Supreme Court of India
Section 64VB Insurance Act | Insurer Not Bound by Agent's Unauthorised Coverage Extension Absent Premium Payment : SC
The Supreme Court held that an insurer is not bound by an agent's unauthorized assurance of coverage when the statutory premium condition under Section 64VB of the Insurance Act, 1938, remains unfulfilled. The ruling underscores that premium payment is a condition precedent to coverage, overriding any agency representations, and overturns the NCDRC's award to the insured.