Law of Insurance

Unit I — INTRODUCTION TO INSURANCE

History and development of insurance in India · Definition and Nature of Insurance Contract · Classification of contract of insurance · The Insurance Act, 1938 · Insurance Regulatory Development Authority (IRDA) of India (1999) - role, powers and functions

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

Unit II — GENERAL PRINCIPLES OF INSURANCE

Principle of Uberrima Fidei-non-disclosure-misrepresentation in insurance contract · Principle of Indemnity · Insurable interest · Risk and principle of causa Proxima · Loss Minimization

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

Unit III — LIFE INSURANCE

Nature and scope of life insurance, definition, kinds of life insurance, the policy and formation of a life insurance contract · Event insured against life insurance contract · Circumstances affecting the risk · Amounts recoverable under life policy · 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
• The Life Insurance Corporation Act, 1956

Unit IV — MARINE INSURANCE

Nature and scope of the Marine Insurance · Maritime Insurance (Hull & Machinery, Cargo, Freight, Liability and War Risk Insurance) · Voyage –deviation · Perils of the sea · Partial loss of ship and of freight, salvage, general average, particular charges

• 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 V — HEALTH INSURANCE

Concept of Health Insurance · Types of Health Insurance · Need for Health Insurance · Benefits of Health Insurance · Claims and settlement procedure

Unit VI — MISCELLANEOUS INSURACE SCHEMES AND NEW DIMENSIONS

Fire Insurance and special doctrines (Reinstatement, Subrogation and Contribution) · Third Party/Compulsory Insurance · Burglary Insurance, Professional Insurance, Public Liability Insurance, Cyber Insurance and Crop Insurance · Public Offer by Insurance companies (Regulatory battle between SEBI and IRDAI) · Impact of AI on Insurance

• Fire Insurance: Nature and scope of Fire Insurance — Basic Principles — Conditions & Warranties, Right & Duties of Parties, Claims and other
• Motor Vehicles Act, 1988, Salient features, (Chapter — VIII), Nature and Scope, persons
• Public Liability Insurance: Public Liability Insurance Act, 1991 (An Overview) Claims, Role of Consumer courts and Insurance Ombudsman