Insurance Law

Unit 1 — Introduction

Nature and purpose of Insurance, History and Development of Insurance, Nationalisation and Liberalization of Indian Insurance, [General Insurance Business (Nationalisation) Act], Insurance as Social Security Tool, Role of Insurance in Economic Development of Nation, Insurance Market in India- Growth, trends and Covid-19 Impact,

• 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

Unit 2 — Fundamental Principles of Insurance Contract

Conditions necessary for Insurance Contract (Indemnity, Proximate Cause, Insurable Interest and Good faith), Classification of Insurance, Formation of Insurance Contract [Proposal Form, Policy Form, Certification of Insurance], Nature of Insurance Contract [Alleatory, Wagering], Premium and Risk, Contribution and Subrogation

Unit 3 — Legal and Regulatory aspects of Insurance

Relevant provisions of various Acts and their applicability to Insurance, Motor Vehicles Act, 1988, Consumer Protection Act, 1986, Insurance Act, 1938, IRDA Act, 1999, Insurance Regulations and Guidelines Redressal of Policy Holders Grievances, Ombudsman’s office, Surveyors, Assessors and Actuaries

• Insurance Regulatory and Development Authority (IRDA) Act, 1999, IRDAI, its functions, role, structure
• Insurance Act, 1938
• Motor Vehicle Act, 1988
• Public Liability Insurance: Public Liability Insurance Act, 1991 (An Overview) Claims, Role of Consumer courts and Insurance Ombudsman

Unit 4 — General Insurance

Motor Vehicle Insurance, Aviation Insurance, Liability Insurance, Miscellaneous Insurance, Burglary Insurance- Project Insurance, Cattle Insurance,

• Motor Vehicles Act, 1988, Salient features, (Chapter — VIII), Nature and Scope, persons
• 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
• Public Liability Insurance: Public Liability Insurance Act, 1991 (An Overview) Claims, Role of Consumer courts and Insurance Ombudsman

Unit 5 — Health Insurance

Meaning and Scope, Necessity and concern, IRDA regulating the schemes of Health Insurance

• Insurance pertaining to Life and Personal Accidents, Hospitalization
• Medical Insurance

Unit 6 — Life Insurance

Kinds of Life Insurance Contracts [Term Life and Whole Life], Persons entitles to payment under Life Insurance, Settlement of Claims, Legislations governing Life Insurance, Life Insurance Corporation Act, 1956, The Fatal Accidents Act, 1855., The Personal Injuries (Compensation Insurance) Act, 1963., Nomination and Assignment

• Life Insurance — Nature, Principles and Scope Events insured against life, life insurance
• The Life Insurance Corporation Act, 1956

Unit 7 — Fire and Marine Insurance

Meaning and Nature and Fire insurance, Meaning and Nature of Marine Insurance, Judicial Approach

• Fire Insurance: Nature and scope of Fire Insurance — Basic Principles — Conditions & Warranties, Right & Duties of Parties, Claims and other
• 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 8 — The Insurance Regulatory and Development Authority Act, 1999.

Composition of Authority, Duties, Powers and functions of Authority, Establishment of Insurance Advisory Committee., Insurance Association of India.

• Insurance Regulatory and Development Authority (IRDA) Act, 1999, IRDAI, its functions, role, structure