Insurance Law
Mahatma Gandhi University · LL.B. Semester 6 · UL-27
Unit I
Nature and definition of insurance—History of Insurance business in India— Regulation of Insurance business—IRDA—Function and powers—General principles of Insurance law—Principles of good faith—Disclosure—Non- representation—Utmost good faith—Insurable interest—Indemnity— Subrogation—And contribution—The risk—The premium—Proximate cause.
Unit II
Marine Insurance—Scope and nature—Disclosure and representation— Warranties— Insured perils—Implied terms in marine policy—Partial loss and total loss— Measure of Indemnity.
- 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 III
Life Insurance—Formation—Insurable interest—Proposal and Policy—Non- disclosure and misrepresentation—Assignment—Nomination—Claims of policy.
Unit IV
Fire Insurance—Standard fire policy—Proximate cause—Fire claims—Subrogation Double Insurance contribution and Average—Property Insurance and Liability Insurance—Risk insured—Contractors risk insurance—Employer’s liability insurance—Goods in transit insurance—Public liability insurance.
- Property Insurance: Policies covering risk of explosion, earthquake, and flood. Policies covering accidental loss, damage to property, construction risks
- Burglary, Theft, Civil Commotion and Strikes, other Endorsements
- Fire Insurance: Nature and scope of Fire Insurance — Basic Principles — Conditions & Warranties, Right & Duties of Parties, Claims and other
- Public Liability Insurance: Public Liability Insurance Act, 1991 (An Overview) Claims, Role of Consumer courts and Insurance Ombudsman
- Public Liability Insurance Act, 1991
Unit V
Motor insurance and Accident insurance—Scope—Compulsory Insurance of Motor Vehicles—Motor Accident Claims Tribunal —Social Security Insurance— Sickness—Old age and unemployment—ESI—Insurance for sea men.