Sri Lanka Consolidated Acts

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Agricultural And Agrarian Insurance Act (No. 20 of 1999) - Sect 13

Determination and payment of premium

13.
(1) The Board may from time to time, determine, the rates of premium payable on Insurance Policies issued under Schemes established and operated by the Board, having regard to the subject matter of the Insurance and the risks insured against.
(2) The Board shall consider every application made to it, for an insurance policy under any scheme established and operated by it, and if satisfied in regard to the genuineness of the application, issue a policy to the applicant which shall indicate inter alia-
(a) the identity of the proposers;
(b) the subject matter of insurance;
(c) the Insured's Name;
(d) the term of Cover;
(e) the sum insured;
(f) the amount of premium;
(g) the perils and losses insured against;
(h) the terms, conditions and exceptions applicable to the risk undertaken;
(i) other prescribed particulars.

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