Insurance Law
Guru Ghasidas Vishwavidyalaya · LL.B. Semester 8 · LAIHTD3N
Unit I — Introduction to Insurance
Meaning, nature, and significance of insurance · Historical evolution and development of the insurance industry in India · Origin and growth of insurance law: global and Indian context · Theories of insurance: Risk Pooling, Probability Theory, Economic Theory, Social Solidarity · Classification of insurance: Life, General, Social, and Miscellaneous Insurance · Constitutional perspective: Insurance under Entry 47, List III (Concurrent List) · Insurance and consumer rights: Relevance of the Consumer Protection Act, 2019
Unit II — General Principles of Insurance Law
Nature and legal character of insurance contracts · Essentials of a valid insurance contract · Fundamental legal principles of insurance: · Insurable Interest · Utmost Good Faith (Uberrima Fides) · Principle of Indemnity · Contribution · Subrogation · Proximate Cause (Causa Proxima) · Mitigation of Loss · Policy-related aspects: commencement, duration, renewal, lapse, assignment, and nomination (brief overview) · Warranties, representations, disclosures, double insurance, and reinsurance · Premium: meaning, legal nature, and considerations
Unit III — Life Insurance
Nature, scope, and purpose of life insurance · Definitions of key terms: proposer, assured, sum assured, premium, etc. · Contract of life insurance: formation, parties, and statutory basis · Types of life insurance policies: Whole Life, Term, Endowment, ULIPs, etc. · Revival of lapsed policies · Assignment and nomination under the Insurance Act and the Contract Act · Events covered: maturity, death, and related contingencies · Types of claims: death claims, early death claims, maturity claims · Persons entitled to claim and procedure for claim settlement · Legal issues: non-disclosure, misrepresentation, suicide clause · Overview of the Life Insurance Corporation Act, 1956
Unit IV — General Insurance I: Fire Insurance
Nature, scope, and subject matter of fire insurance · Types of fire insurance policies · Coverage of fire perils and exclusions · Assignment of policies · Application of principles: reinstatement, contribution, subrogation · Procedure for claim settlement
Unit V — General Insurance II: Marine Insurance
Nature and scope of marine insurance · Concept of marine adventure and insurable interest · Types of marine policies: voyage, time, mixed, valued/unvalued · Concepts of deviation and change of voyage · Maritime perils and excluded losses · Warranties and their legal implications · Total loss: actual and constructive · Legal concepts: abandonment, salvage, general average, particular average · Other elements: slip, cover note, FPA clause · Overview of the Indian Marine Insurance Act, 1963
- 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
Unit VI — General Insurance III: Motor Vehicle Insurance
Nature and scope of motor vehicle insurance · Types of policies: Act-only, comprehensive, third-party liability · Principle of indemnity in motor insurance · Absolute and no-fault liability · Compensation for death and permanent disability · Compulsory nature of third-party insurance · Third-party claims and hit-and-run accidents · Role and procedure of Motor Accident Claims Tribunal (MACT) · Relevant provisions of the Motor Vehicles Act, 1988 and the Amendment Act, 2019
Unit VII — Regulatory Authority and Contemporary Issues
Overview of the Insurance Act, 1938: key provisions and recent amendments · The IRDA Act, 1999: establishment, structure, and powers of IRDA · Regulatory framework: · Tariff Advisory Committee · Insurance Councils (Life and General) · Insurance Association of India · Insurance Ombudsman · Insurance intermediaries: agents, brokers, surveyors, loss assessors, Third Party Administrators (TPAs) · Registration and licensing: capital requirements, registration, renewal, suspension, and cancellation · Regulatory requirements: investments, deposits, actuarial reports, advertisements, returns · Scope and legal framework of Foreign Direct Investment (FDI) in insurance · Overview of key IRDA Regulations · Grievance redressal mechanisms in insurance law · Emerging trends: Digital insurance, InsurTech, ESG considerations