Insurance Law

Unit 1 — Introduction [10 units]

1. Definition, Nature of Insurance contract, various kinds of insurance, proposal, policy, parties, consideration · 2. The Risk- commencement, attachment, and duration. · 3. Assignment and alternation · 4. Insurance policy, the law of contract, and law of tort-future of insurance - need importance and place of insurance

• 1. 1 Insurance: Definition, Nature, Scope, History, Its future, need and importance in India and across the globe

Unit 2 — Indian Insurance Law: General [10 units]

1. History and development of Insurance · 2. The Insurance Act 1938 · 3. Constitutional perspectives the Entries 24,25,29,30,47 of Union list, 23,24 of Concurrent list · 4. The Insurance Regulatory and Development Authority Act ,1999

• Insurance Regulatory and Development Authority (IRDA) Act, 1999, IRDAI, its functions, role, structure
• Insurance Act, 1938
• Nationalization, Privatization and Globalization of Insurance Secto

Unit 3 — General Principles of Law of Insurance [12 units]

1. Insurable interest · 2. Utmost good faith · 3. Indemnity · 4. Contribution · 5. Subrogation · 6. Proximate cause · 7. Warranties and conditions · 8. Loss minimization

Unit 4 — Life Insurance [13 units]

1. Nature and scope. · 2. Event insured contract · 3. Circumstances affecting the risk. · 4. Amounts recoverable under life policy. · 5. Persons entitled to payment. · 6. Settlement of claim and payment of money.

• Life Insurance — Nature, Principles and Scope Events insured against life, life insurance

Unit 5 — Marine Insurance [13 units]

1. Nature and Scope · 2. Classification of marine policies · 3. The Marine Insurance Act, 1963 · 4. Marine Insurance policy- condition-express warranties construction policy. · 5. Voyage-deviation. · 6. Perils of the sea · 7. Assignment of policy. · 8. Partial laws of the ship and of fright, salvage, general average, particular. · 9. Return of premium

• 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 6 — Fire Insurance [10 units]

1. Meaning of Fire, Nature, and Scope of Fire Insurance contract, · 2. Essentials of a fire insurance contract, · 3. Kinds of fire policies, · 4. Settlement of fire insurance claim

• Fire Insurance: Nature and scope of Fire Insurance — Basic Principles — Conditions & Warranties, Right & Duties of Parties, Claims and other

Unit 7 — Insurance Against Accidents [8 units]

1. The Personal Injuries (Compensation Insurance) Act 1963. · 2. Compensation payable under the Act. · 3. Compensation insurance scheme under the Act- compulsory insurance.

• Compulsory Insurance Relevant Statutes

Unit 8 — Miscellaneous Insurance Schemes - New Dimensions [8 units]

1. Group life insurance · 2. Med claim, sickness insurance · 3. Group health insurance · 4. Double Insurance and Re-insurance.

• Insurance pertaining to Life and Personal Accidents, Hospitalization