1. 1 Insurance: Definition, Nature, Scope, History, Its future, need and importance in India and across the globe

Your family's scooter is hit by a truck on the Sion-Panvel highway. The repair bill is bigger than the scooter is worth, yet a claim form, a surveyor and a cheque sort it out within weeks. Why does a company you have never met agree to carry that loss for a yearly payment you barely notice? And why does the law let it refuse if you hid something on the form? This topic is the map of the whole paper: what insurance is, which kinds exist, the handful of principles every claim is tested against, and the Acts you will meet in the later modules.

In two minutes

Insurance is a contract in which the insurer, in return for a premium, takes on a risk and agrees to compensate a contingent loss on the agreed terms; every rule of the paper grows out of that one bargain.

The rest of this chapter

The full explanation, the cheat sheet, every previous-year question at every mark weight, the quiz and the answer skeletons are part of Law of Insurance on LexBlox Semester. Sign in to unlock the subject, or read Module 1 of Legal Language and Writing free.