(Optional Legal)
Paper-IV
Unit-1 Contract of Insurance: Subject matter of the insurance principles applicable - Formation
of Contract.
Unit-2: Definition and meaning of the term insurance.
Unit-3: History of Insurance in England and India in brief butline.
Unit-4: Nature of Insurance Contract: Contract uberrima fidei Contract of Indemnity Contract of wager and conditional contracts.
Unit-5: Classification of Insurance - construction of Insurances policies.
Unit-6: General principle of insurance common to all branches insurable interest -premium
risk and proximate cause-non-disclosure-representations and Warranties assignment contribution
and subrogation-double insurance and over insurance-reinsurance.
Unit-7: Life Insurance: Nature and scope, definition, Kinds of life insurance, the policy formation of life insurance contract-Life insurance conditions, circumstances affecting the risk. assignment & nomination, amounts recoverable, persons entitled to payment, settlement of
claims and payment of money.
Unit-8: Fire Insurance: Definition and scope of fire insurance, nature of fire insurance contract, meaning of fire, formation of contract, insurable interest, indemnity, reinstatement, causa proxima, Kinds of policies, conditions in fire policies. The alteration, notice of abandonment, average conditions. Right after loss, amount recoverable.
Unit-9: Marine Insurance: Nature and scope of Marine Insurance contract, nature of the contract, the Marine Adventure. The step in Marine Insurance, Classification of Marine Policies, Deviation and change of voyage. The perils of the sea and Maritime perils, proximate cause. Loss: Partial, General average and particular over age: total loss actual total loss and constructive loss. Notice of Abandonment, Inchmaree clause, sue and labour clause, assumption, Burglary Insurance: Nature and scope, Meaning the term burglary, exceptions in the policy Accident Insurance: Nature and scope meaning, the risk Guarantee insurance: Nature and Scope, Contract, Contracts of Guarantee and insurance contracts, fidelity policies, insurance of debts. Unit-10: Liability Insurance: General, defense by insurer of assured, statutory subrogation, practice, employer's liability insurance.
Unit-11: Motor Vehicle Insurance: Relevant Provisions. Rights of Third parties. Clauses
restricting cover.
Unit-12: Statutory Materials: The Insurance Act 1938: 2. The Life Insurance Corporation Act,
1956: 3.The Marine Insurance Act 1963: 4. The General Insurance Act, 1972. The Motor
Vehicles Act.
Books Recommended:
1. M.N. Srinivasan: Principles of Insurance Law
2. K.S.N. Murthy, Modern Law of Insurance in India
3. Brijmohan Singh, Law of Insurance.
4. Mac Gillivray, Insurance Law
5. Porter, Insurance
6. Arnold's Marine, Insurance
7. Houseman, Life Insurance
8. Chambers Marine, Insurance Act, 1906
9. Collinvaux, Insurance
10. Johan Bird, Insurance
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