Insurance Law (Elective III, option A)
Solapur University · LL.B. Semester 4 · DSE-III(A)
Unit 1 — Introduction
Definition, nature and history of insurance · Concept of Insurance and law of contract and law of torts future of insurance in globalized economy · History and development of insurance in India · Insurance Regulation Authority - role and functions
Unit 2 — General Principles of law of Insurance
Contract of Insurance - classification of contract of insurance nature of various insurance contracts, parties thereto · Principle of good faith non-disclosure - misrepresentation in insurance contract · Insurable interest · The risk · The policy, classification of policies its form and contents, its commencement duration, cancellation, alteration, rectification, renewal, assignment, construction · Conditions of the policy · Alteration of the risk · Assignment of the subject matter
Unit 3 — Life Insurance
Nature and scope of life insurance, definition, kinds of life insurance, the policy and formation of a life insurance contract · Event insured against life insurance contract · Circumstances affecting the risk · Amounts recoverable under life policy · Persons entitled to payment · Settlement of claim and payment of money
Unit 4 — Marine Insurance
Nature and scope · Classification of marine policies · The marine Insurance Act, 1963 · Insurable interest, insurable value · Marine insurance policy – condition - express warranties construction of terms of policy · Voyage – deviation · Perils of the sea · Partial loss of ship and of freight, salvage, general average, particular charges · Measure of indemnity, total valuation, liability to third parities
- 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 5 — Insurance Against Third party Risks
The Motor Vehicles Act, 1988 (Chapter VIII) · Nature and scope, persons governed, definition of „use‟, „drives‟, „motor vehicle‟ requirements of policy, statutory contract between insurer and drive rights of third parties, limitations on third party’s rights, duty to inform third party · Effect of insolvency or death on claims, insolvency and death of parties, certificate of insurance · Condition to be satisfied · Claims tribunal, constitution, functions, application for compensation - who can apply? · - Procedure and powers of claims tribunal- its award. · Co-operative insurance (Motor Vehicle Rules)
Unit 6 — Social Insurance in India
Important elements in social insurance, its need · Commercial Insurance and social insurance · Workmen.s compensation - Scope, risks covered, industrial accidents, occupational diseases, cash benefits, incapacity, amount of compensation, nature of injuries, dependents, schedule · Sickness insurance, Adarkar scheme, Stack and Rao scheme for wage earners and others, risks covered, maturity and other benefits · Old age, premature death and invalidity insurance or pension insurance, public provident fund, Jeevandhara policy · Unemployment insurance · Social insurance for people like seamen, circus workers and agricultural workers
Unit 7 — Public Liability Insurance
The scheme · Authorities