Insurance Law

Unit 1 — Introduction to Insurance Law:

1. Historical development of insurance law & Growth of Insurance in India, Nationalization of life and general insurance, Opening up of the insurance sector, foreign investment in insurance · 2. Definition, Nature and Significance of Insurance. · 3. Classification of Insurance: Voluntary and compulsory insurance · 4. Insurance Regulatory and Development Authority of India, its constitution, role, powers and functions · 5. The Life Insurance Corporation of India, the General Insurance Corporation of India, the General and the Life Insurance Councils · 6. Registration of insurers, Capital and voting structure; Investments by insurers · 7. Functions and benefits of insurance

• 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 Regulatory and Development Authority (IRDA) Act, 1999, IRDAI, its functions, role, structure
• Insurance Act, 1938
• General Insurance (Business) (Nationalization) Act, 1972
• The Life Insurance Corporation Act, 1956

Unit 2 — General Principles of Insurance:

1. Indemnity - Meaning, application in different types of insurance, double insurance, subrogation, contribution · 2. Insurable interest, wagering agreements · 3. Utmost Good Faith · 4. Doctrine of proximate cause · 5. Risk & Risk Handling: Risks, Risk-handling

Unit 3 — Contract of Insurance:

1. Contract of insurance, subject-matter of insurance; Contingent nature insurance contract · 2. Formation of insurance contract - proposal and acceptance, documents involved in formation - proposal, cover note, slips, policy, certificate of insurance, the process of formation of the insurance contract until issuing of policy · 3. Reinsurance: Role and importance of reinsurance, Types of reinsurance agreements · 4. Insurance agents and insurance brokers, and their role in contract formation · 5. Premium, calculation, return and forfeiture of premium, Tariff · 6. Nomination and Assignments

Unit 4 — Life & Health Insurance:

1. History & evolution of Life Insurance · 2. Kinds of Life Insurance-Whole life Policy, Endowment Policy, Term Policy, Unit-Linked Insurance Plans (ULIPs)Free Look Period Provisions · 3. Types of Health Insurance: Individual Health Insurance, Family Floater Health Insurance: Senior Citizen Health Insurance, Group Health Insurance

• Life Insurance — Nature, Principles and Scope Events insured against life, life insurance
• Insurance pertaining to Life and Personal Accidents, Hospitalization

Unit 5 — Fire & Marine Insurance:

1. Meaning, Need and Advantages of Fire Insurance- · 2. Special terminologies in Fire Insurance Claims – Insurer/Insurance Company, Insured/Policyholder, Premium, Salvage, Insurance Policy, Sum Assured, Under Insurance, Average Clause, Claim. · 3. Definition & Meaning of Marine Insurance – · 4. Types of marine insurance- cargo and hull insurance- · 5. Types of marine policies: specific policy, open policy-, duty policy, special storage policy, annual policy

• 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

Unit 6 — The Motor Vehicle Insurance:

1. Scheme of compulsory insurance · 2. Certificate of insurance, Transfer of insurance policy · 3. Right of an insurer to defend Duty to satisfy judgments · 4. Road Safety Measures: · 5. Categories of offences · 6. National transportation policy · 7. Motor Vehicle Accident Fund

• Motor Vehicles Act, 1988, Salient features, (Chapter — VIII), Nature and Scope, persons
• Motor Vehicle Act, 1988
• Compulsory Insurance Relevant Statutes

Unit 7 — Agricultural Insurance:

1. Characteristic Features of Indian Agriculture and Farmers’ Community · 2. Risk Perceptions of Indian Farmers. · 3. Past Experience with Crop Insurance Schemes in India: Comprehensive Crop Insurance Scheme (CCIS) Experimental Crop Insurance (ECI) Farm Income Insurance Scheme FIIS National Agriculture Insurance Scheme (NAIS) · 4. Unified Package Insurance Scheme: Pradhan Mantri Fasal Bima Yojana (PMFBY)

• Agriculture Insurance, Crop Insurance in India, Crop

Unit 8 — Emerging Issues in Insurance Law, Insurance Fraud And Ethics:

1. Cyber insurance and data protection · 2. Climate change and insurance implications · 3. Insurtech and digital disruption in the insurance industry · 4. Types of insurance fraud · 5. Measures to prevent and detect insurance fraud · 6. Ethical considerations in insurance practices