Law of Insurance
Goa University · LL.B. Semester 2 · LLB-132
Unit 1 — Introduction to Insurance :
Meaning and Definition of Insurance Nature of Insurance, · Purpose and Need of Insurance, Functions of Insurance, Theory of Insurance, Types of Insurance, Advantages of Insurance, · Insurable Risk, Insurance and Wagering Contract, Premium
Unit 2 — Insurance Contract and Principles
Insurance Contract- essentials of Insurance Contract, Nature of · Insurance Contract, Conclusion of Insurance Contract, Basic · Parts of Insurance Contract and the Doctrine of Contra · Proferenteem · Principles of Insurance-Insurable Interest, Uberrimae Fidei, · Duty of Disclosure, Indemnity, Subrogation, Contribution, Causa · Proxima, Mitigation of Loss, Attachment of Risk
Unit 3 — Life Insurance:
Meaning and Definition- Nature and scope of Life Insurance- · Features of Life Insurance- Formation of Life insurance contract · Event insured against Life Insurance Contract- Assignment and · Nomination-Kinds of Life Insurance-Riders-Life Insurance · Documents Persons entitled to Payment- Settlement of Claims- · Special cases of Death-Lapsed Policy Conflicting Claims-Interest on Policy Amount-Reinsurance-Double Insurance-Health · Insurancee, Renewal of Medi-claim Policy
Unit 4 — Motor Vehicle Insurance- Motor or Automobile Insurance-
Categories of Vehicle-Types of Policies - Motor Insurance and · Accident Insurance-Damage to the Motor Vehicle and its · Accessories- Death or Injury to the Assured himself or Spouse or its Driver-Conditions under the Policy-Motor Vehicle Insurance- · Motor Vehicle-Rights of Third Parties-Limitation on Third Party · Rights-Scope of Section 147- Transfer of Certificate of Insurance- · Death of Parties-Accident- Claims Tribunal · Other kinds of Insurance · Agriculture Insurance, Partial loss and Average loss, Cattle · Insurance, Burglary Insurance, Aviation Insurance
Unit 5 — Fire Insurance:
Definition- Causes of Fire- Nature and scope of Fire Insurance – · Fire Insurance Contract- Meaning of Fire- Rights of Insurer-Policy · Conditions- Kinds of Fire Insurance Policies- Fire Perils and · Policies- Renewal of Policies-Cancellation and Forfeiture of · Policies-Assignment of Fire Policy -Doctrine of Reinstatement- · Settlement of Claims · Marine Insurance: Meaning and Definition, Nature and Subject matter-Essentials of Marine Insurance Contract- Procedure for · Effecting Marine Insurance -Kinds of Marine Insurance Policies- · Contents of Policy-Warranties- Perils Insured-Voyage, Delay and · Deviation-Double Insurance-Premium-Assignment of Marine · Insurance Policy- Important Clauses of Marine Policy- Marine · Losses-Loss and Abandonment- Total Loss-Notice of · Abandonment-Effect of Abandonment-Partial Loss-Measure of · Indemnity-Right of Insurer on Payments-Return of Premium
- Fire Insurance: Nature and scope of Fire Insurance — Basic Principles — Conditions & Warranties, Right & Duties of Parties, Claims and other
- 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
Unit 6 — Insurance and Legal Framework
The Insurance Act 1938- Mis-statement or Concealment- · Offences and Penalties-Enquiry and Investigations -Jurisdiction of Courts · Life Insurance Corporation Act 1956- regulations, Functions and · Powers of Corporation-Control by the Central Government- · Exclusive Privilege to Cease · General Insurance Business (Nationalisation) Act 1972- · Functions of GIC-Functions of Acquiring Companies-Exclusive · Privilege of Carrying on General Insurance Business · The Insurance Regulatory and Development Authority Act 1999 · -Objectives of the IRDA Act-Establishment and Composition of · IRDA-Duties, Powers and Functions of IRDA-Powers of Central · Government-Establishment of Central Advisory Committee · Ombudsman-Appointment-Term, remuneration and · Jurisdiction-Complaints- Complaints by Mutual Consent-Duties and Powers and Award · Corporate Governance for Insurance Companies