A chance happening-an accident caused by an unforeseen happening.

A fortuitous event is one that occurs by chance or accident and is not foreseen or intended. Property and casualty insurance is designed to indemnify people for fortuitous events. Thus, coverage in a homeowners policy, for example, includes fire, lightning, and wind

storm. A certain event, such as

wear and tear, is not covered. Additionally, a fire intentionally set by the insured sets is not covered. Life insurance does pay for a certainty-death, but the timing of the death is not known. To protect the concept of fortuitous event, life insurance companies require a suicide clause, which states that there is no death benefit coverage if the insured commits suicide within 2 years of purchase. (See Pure Risk; Speculative Risk).

Losses that occur as a matter of chance. Losses are not controlled or influenced by the insured.

An insurance contract insures against risks of loss that are neither intended nor expected from the standpoint of the insured. Intentional acts done with the intent to recover insurance proceeds are never insured. The fortuity doctrine requires that the loss be accidental to be covered. The rule embodies a fundamental and significant public policy interest that in some contexts is sufficiently important to preclude coverage claims even when there are explicit agreements to the contrary.

A Forum constituted by IRDA for an effective dialogue between service providers (Hospitals) the insurance companies, Third Party Administrators and the consumers in general to enable the evolution of a regulatory structure which would better meet the needs of Heal Insurance Sector in India.