OPTIONAL-II: INSURANCE LAW
Karnataka State Law University · LL.B. Semester 4 · Course-III
Unit 1
Introduction: Nature- Definition- History of Insurance- History and development of Insurance in India- Insurance Act, 1938- (main sections) Insurance Regulatory Authority Act, 1999: Its role and functions.
- 1. 1 Insurance: Definition, Nature, Scope, History, Its future, need and importance in India and across the globe
- Nationalization, Privatization and Globalization of Insurance Secto
- Insurance Act, 1938
- Insurance Regulatory and Development Authority (IRDA) Act, 1999, IRDAI, its functions, role, structure
Unit 2
Contract of Insurance: Classification of contract of Insurance- Nature of various Insurance Contracts- Parties there to- Principles of good faith – non disclosure – Misrepresentation in Insurance Contract- Insurable Interest- Premium: Definition- method of payment, days of grace, forfeiture, return of premium, Mortality; The risk – Meaning and scope of risk, Causa Proxima, Assignment of the subject matter.
Unit 3
Life Insurance: Nature and scope of Life Insurance- Kinds of Life Insurance. · The policy and formation of a life insurance contract- Event insured against Life Insurance contract- Circumstance affecting the risk- Amount recoverable under the Life Policy- Persons entitles to payment- Settlement of claim and payment of money- Life Insurance Act, 1956- Insurance against third party rights- General Insurance Act, 1972- The Motor Vehicles Act, 1988 – Sec. (140-176), Nature and scope- Absolute or no fault liabilities, Third party or compulsory insurance of motors vehicles- Claims Tribunal- Public Liability Insurance –Legal aspects of Motor Insurance –Claims – Own Damages Claims – Third Party Liability Claims.
- 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
- General Insurance (Business) (Nationalization) Act, 1972
- Motor Vehicles Act, 1988, Salient features, (Chapter — VIII), Nature and Scope, persons
- Motor Vehicle Act, 1988
- Public Liability Insurance: Public Liability Insurance Act, 1991 (An Overview) Claims, Role of Consumer courts and Insurance Ombudsman
- Public Liability Insurance Act, 1991
Unit 4
Fire Insurance: Nature and scope of Fire Insurance –Basic Principles – Conditions & Warranties – Right & Duties of Parties – Claims – Some Legal Aspects. Introduction to Agriculture Insurance – History of Crop Insurance in India – Crop Insurance Underwriting, Claims, Problems associated with Crop Insurance – Cattle Insurance in India.
Unit 5
Marine Insurance: Nature and Scope- Classification of Marine policies- Insurable interest- Insurable values- Marine insurance and policy- Conditions and express warranties- Voyage deviation- Perils of sea- Loss- Kinds of Loss- The Marine Insurance Act, 1963 (Sections 1 to 91).
- 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