Insurance Law
University of Jammu · LL.B. Semester 5 · LLB304
Unit I
General Principles of Law of Insurance. · Definition, nature and history of insurance, contract of insurance, insurable interest, Premium, policies, classification, form and contents. · Commencement, assignment and construction.
Unit II
LIC Act 1956. – Life Insurance Corporation role and functions. Object,nature and scope of Life Insurance. · Kinds of Life insurance.Policy and formation of Life Insurance Contract. · Events insured against Life Insurance Contract. Circumstances affecting the risk.Amount recoverable under life policy. Persons entitled to payment from settlement of claim.
Unit III
Insurance under Motor Vehicles Act.1988 and Amendment Act, 2019. · Necessity of insurance against 3rd party risk.Requirements of policies and limits of liability.Validity of policies of reciprocating countries. · Rights of 3rd parties against assurance as to insured.Settlement between insurance and insured person, effects of death on certain causes of action. · Claims tribunal, Procedure and powers of Tribunal appeal.
Unit IV
Insurance Regulation & Development Act, 1999- Salient features. · Duties, Powers, Functions and Constitution of IRDA. · Appellate Tribunal. · Public Liability Insurance Act, 1991. Sec. 2-21