Insurance Laws
Objective:
The course covers various Insurance Laws applicable in India. i) To understand the principles, practice, science and technology of insurance, which are to be used by the insured and the insurer. ii) To introduce the basic concepts of insurance.
Units
(03) 1) Risk and Uncertainty
1.1 Definition
1.2 Risk - External and Internal
2) General Principles Insurance
2.1 Insurable Interest
2.2 Proximate Cause
2.3 Good faith
(10)
2.4 Double Insurance & Reinsurance
2.5 Subrogation & Contribution
2.6 Insurance Regulatory Development Authority Act
3) Law relating to Life Insurance
3.1 General principles of life insurance
3.2 Kind of life insurance policies, contract, proposals
3.3 Assignment of policies
3.4 Nomination
3.5 Concept of trusts in life policy
4) General Insurance
4.1 Marine Insurance - Law relating to marine Insurance
4.1.1 Scope and Nature
4.1.2 Types of policy
4.1.3 Insurable interest, proximate cause
4.1.4 Disclosure and Representation
4.1.5 Insured Perils
4.1.6 Voyage
4.1.7 Warranties
4.1.8 Measurement of S ubrogation & Contribution
4.2 Fire insurance: Claims and recovery
5) Accident and Motor
5.1 Nature
5.2 Accident Insurance
5.3 Claims and Recovery
5.4 Third party Insurance
(05)
(10)
(05)

5.5 Compulsory Motor Vehicle Insurance
6) Deposit and Credit Insurance
6.1 Nature
6.2 Terms and Conditions
6.3 Claim, Recovery, etc;
6.4 Public Liability Insurance
6.5 Emergency Risk Insurance
7) Structure power and function of General Insurance Corporation
of India
7.1 Deposit Insurance and Credit Guarantee Corporation
7.2 Claims Tribunal
8) Insurance Surveyor Ship Appointment, legal provisions,
licensing functions
(05)
(04)
(03)
Tutorials
Total
(05)
(05)
Suggested Readings:
Murthy K.S.N. and Sarma K.V.S. Modern Law of Insurance In India, Lexis Nexis
Butterworth, Edition 4, (2002)
Mishra, M. N., Law of Insurance, Central Law Agency, Edition 7, (2006)
Harding and Evanly, General Principles of Insurance
Shrinivasan, M.N., Principles of Insurance Law, Wadhwa & Company, Edition 8, (2006)
Singh Avtar, Law of Insurance, Eastern Book Company (2004)
Note: Students are expected to read latest journals, periodicals, reports and articles to keep abreast with the recent trends and developments in this subject.