Insurance Law

Unit I — Introduction

Definition, nature and history of insurance · Concept of Insurance and law of contract and law of torts, features of torts future of insurance in globalized economy · History and development of insurance in India · Insurance Regulatory Authority — role and functions

• 1. 1 Insurance: Definition, Nature, Scope, History, Its future, need and importance in India and across the globe
• Insurance Regulatory and Development Authority (IRDA) Act, 1999, IRDAI, its functions, role, structure

Unit II — General Principles of Law of Insurance

Contract of Insurance — classification of contract of insurance, nature of various insurance contracts, parties thereto · Principle of good faith, non-disclosure, misrepresentation in insurance contracts · Insurable interest · The risk · The policy — classification of policies. its form and contents, its commencement. duration, cancellation, alteration, rectification. renewal assignment, construction · Alteration of the risk · Assignment of the subject matter

Unit III — Life Insurance

Nature and scope of life insurance, definition, kinds of life insurances the policy and formation of a life insurance contract · Event insured against life insurance contract · Circumstances affecting the risk · Amounts recoverable under life policy · Persons entitled to payment · Settlement of claim and payment of money

• Insurance pertaining to Life and Personal Accidents, Hospitalization
• Life Insurance — Nature, Principles and Scope Events insured against life, life insurance

Unit IV — General Insurance

Types of general Insurance · Regulation of Insurance business — Role of IRDA · Policy Content Regulation · The Marine Insurance Act 1963 (Nature and scope) · Voyage — deviation · Perils of the sea · Partial loss or ship and of freight, salvage, general average, particular charges · Measures of indemnity, total valuation, liability to third parties

• Marine Insurance: Nature and Scope — Classification of Marine policies — The salient features of the Marine Insurance Act, 1963, Insurable interest, Insurable value, Seaworthiness, Hull and Cargo Insurance
• Marine Insurance policy, Conditions and express Warranties, Voyage Deviation, Perils of sea, Loss — Kinds of Loss of ship and of freight
• The Marine Insurance Act, 1963
• Insurance Regulatory and Development Authority (IRDA) Act, 1999, IRDAI, its functions, role, structure

Unit V — Social Insurance in India and Insurance claims and dispute resolution

Important elements in social insurance, its need · Commercial Insurance and social insurance · scope, risk covered · Workmen’s compensation p d. industrial accidents upational diseases . cash benefits, incapacity, occ injuri e edule nature of injuries, dependents sch amount of compensation e, darker scheme, stack and rao scheme for waoe « · Sickness Insurance, darke1 sch ack and rao scheme fo) wage earners and |. maturity and other benefits others, risk coverec · >. Old age. premature death and invalidity insurance or pension Insurance, public provident fund · Regulation of claim handling · Dispute resolution role of court · Insurance ombudsman ADR mechanism

• Social Insurance: Meaning, Scope, Characteristics, Need and Limitations
• Insurance schemes for sick, infirm, old, labour, premature
• Unemployment Insurance, Insurance for special category of persons like, Circus workers, seamen etc