Insurance Law
Rashtrasant Tukadoji Maharaj Nagpur University · LL.B. Semester 4 · 4.4.2
Unit I — UNIT – I
Introduction · Insurance : Nature & Definition · History and development of Insurance in India · Insurance Act, 1938 – The Insurance Laws (Amendment) Act 2015, Empowerment of IRDAI, Health Insurance, Consumer Welfare · Insurance Regulatory Authority Act, 1999: Its role Powers and Functions of the Insurance Regulatory and Development Authority. · Rights and Liabilities of Insurer and Insured person, · Life Insurance Contract – Nature and Scope, Establishment and Functioning of LIC.
- 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
- Insurance pertaining to Life and Personal Accidents, Hospitalization
- The Life Insurance Corporation Act, 1956
Unit II — UNIT – II
Contract of Insurance · Classification of contract of Insurance · Nature of various Insurance Contracts- · Principles of utmost 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 III — UNIT – III
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 Corporation 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.
- 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 Act, 1991
Unit IV — UNIT – IV
Fire Insurance: · Nature and scope of Fire Insurance – · Basic Principles – Conditions & Warranties – Right & Duties of Parties – Claims Legal Aspects. · Introduction to Agriculture Insurance – History of Crop Insurance in India – Crop Insurance Underwriting, Claims, and problems associated with Crop Insurance – Cattle Insurance in India.
Unit V — UNIT – V
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