1. Both these appeals have been taken up together as they arise out of the judgment dated 31.1.2007 and award dated 14.2.2007 passed by Sri Kameshwar Nath Rai, learned 1st Additional District Judge- cum-Motor Accident Claims Tribunal, Gaya in MAC. Case Nos. 34 of 1999/45 of 1997 and having been heard together is being disposed of by this common order.

2. The appellants of M.A. No. 324 of 2007 are the unfortunate grieved parents of 16 years old boy, Raj Kumar Sao, who died in an accident involving the use of a Motor Vehicle, being a jeep bearing registration no. BEA 5554, while travelling from Guraru to Mathurapur, and their appeal is founded on the inadequacy of the amout of the compensation awarded. On the other hand, the appellant of M.A. No. 213 of 2007, the Insurance Company, with whom the ill-fated vehicle was insured, have questioned the justification of the Award in the face of the nature of the Insurance policy taken out.

3. By the impugned judgment and award, a sum of Rs. one lakh has been allowed as compensation on lump sum basis, and a sum of Rs. 50,000/- having already been paid under Section 140 of the Motor Vehicles Act (hereinafter referred to as the "M.V. A