LAW OF INSURANCE
Kakatiya University · LL.B. Semester 5 · P-V
Unit I
Growth of Insurance Business in India · Institution of Insurance and Economic Development · Definition of Insurance · Differences between Contract of Indemnity , Contingent, Wager and insurance · Principle of utmost good faith
Unit II
Kinds of Insurance · Insurable interest · Premium · Risk · Certificate of Insurance · Doctrine of Subrogation and Contribution · Rights and Liabilities of Insurer and Insured person · Life Insurance Contract · Personal Accident Insurance · Establishment and Functioning of LIC
Unit III
Nature and scope of Marine Insurance · Classification of marine insurance · Kinds of marine policies · Voyage · Loss · the perils of the Sea · Implied warranties in marine insurance contract · Assignment of Marine Policy
- 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 IV
Nature of Fire Insurance Contract · Meaning of the word ‘fire’ · Scope of Fire Policy, convener note · Right to contribution and right to average · Principle of Reinstatement · Double insurance and reinsurance · Doctrine of Approximation · Burglary Insurance
Unit V
Social control on Insurance Business · Purpose of compulsory insurance · Rights of Third Parties · Public Liability Insurance · Adjudicating Authorities of Insurance Claims · Powers and Functions of the Insurance Regulatory and Development Authority