LM1005

Insurance Law
Programme: 
Master of Laws
Year / Semester: 
1st Year
Objective: 

The operational framework of insurance idea is provided by the general principles of contract. The insurance policy, being a contract, is subject to all the judicial interpretative techniques. The course is designed to acquaint the student with the conceptual and operational parameters of law and judicial interpretation to inform the students about the use of law for establishment of “just” order in insurance and to develop the appreciative and evaluative faculties of the students.

Credits: 
6

Block – I: General Principles of law

1.1 General Principles

1.1.1 Essentials of Insurance Contract

1.1.2 Specific Principles of Insurance Contract

1.1.2. a Uberrima fides or Utmost Good Faith

1.1.2. b Insurable Interest

1.1.2. c Indemnity

1.1.2. d Proximate Cause or Causa Proxima

1.1.2. e Subrogation

1.1.3 Miscellaneous Principles

1.1.3. a Contribution

1.1.3. b Double Insurance

1.1.3. c Re-insurance

1.1.3. d Assignment

1.2 The Insurance Act, 1938

1.3 The Insurance Regulatory and Development Act, 1999

Block– II: Life Insurance

2.1 Definition

2.2 Conditions and Privileges and Life Insurance Policies

2.2.1 The Risk

2.2.2 The Premium

2.2.3 The continuance of policy

2.2.4 Lapsed Policies

2.2.5 Renewal

2.3 Difference between contract of Indemnity and Life Insurance Contract

2.4 CASE STUDY

2.4.1 Whether Notice before Repudiation Necessary?

2.4.2 When proposal shall be deemed accepted.

2.4.3 Legal status of Nominee.

2.5 Life Insurance Corporation Act, 1956

2.5.1 Causes of Nationalization

2.5.2 Objectives of Nationalization

2.5.3 Objectives of Life Insurance Corporation of India

2.5.4 Functions of the LIC of India

2.5.5 The structural Frame work of the LIC

2.5.6 Provisions of LIC Act are not discriminatory

2.5.7 Important Provisions of Life Insurance Corporation Act

2.6 Fatal Accidents Act, 1855

2.7 The personal Injuries (Compensation Insurance) Act, 1963

Block - III: Marine Insurance

3.1 Definition of Marine Insurance

3.1.1 Insurable Interest

3.1.2 Disclosure and Representations

3.2 Classification of Marine Insurance

3.3 Warranties in Marine Insurance

3.3.1 Nature of Warranty

3.3.2 When breach of Warranty is excused

3.3.3 Warranty of Neutrality

3.3.4 Warranty of Sea-worthiness of ship

3.3.5 No implied warranty that goods are sea worthy

3.3.6 Implied condition as to commencement of risk

3.4 Assignment of Policy

3.4.1 When and how policy is assignable

3.4.2 Assured who has no interest con not assign

3.5 Loss and Abandonment

3.5.1 Included and excluded losses

3.5.2 Partial and Total Loss

3.5.3 Actual Total Loss

3.5.4 Partial Loss (Including salvage and General Average and Particular charges)

3.5.5 Right of Insurer on Payment

3.5.6 CASE STUDY

Block – IV: Fire Insurance

4.1 Meaning, Nature, Significance, Principles, Scope

4.1.1 Meaning

4.1.2 Characteristics or Nature of Fire Insurance

4.1.3 Significance of Fire Insurance

4.1.4. Important Principles of Fire Insurance

4.1.5 Scope of Fire Insurance

4.2 Procedure of Effecting Fire Insurance

4.2.1 Hazards in Fire Insurance

4.2.2 Perils insured and Proximate Cause

4.3 Different General Insurance Polices

4.3.1 Householders Comprehensive Insurance

4.3.2 Crop Insurance Policies

4.3.3 Livestock Insurance

4.3.4 Burglary Insurance

4.3.5 Personnel Accident Insurance

4.4 CASE STUDIES

4.4.1 Fire Whether Manipulated: Effect

4.4.2 Fire in Militancy Operation

4.4.3 Fire during Riot

4.4.4 Loss by Strike covered under Fire Policy having endorsement of Riot and Strike

Suggested Readings: 
  1. John Hanson and Christopals Henly, All Risks Property Insurance (1999), LLP Asia, Hongkong.
  2. Murthy & Sharma- Insurance law
  3. Banerjee, Law of Insurance (1994), Asia Law House, Hyderabad.
  4. Mitra B.C, Law Relating to Marine Insurance (1997) Asia Law House, Hyderabad
  5. Birds, Modern Insurance Law (1997) Sweet & Maxwell
  6. Colinvaux's Law of Insurance (1997), Sweet & Maxwell
  7. International Labour Office, Administration Practice of social Insurance (1985)
  8. E.R. Hardy Ivamy, General Principles of insurance Law (1979)
  9. Edwin W. Patterson, Cases and Materials on Law of insurance (1955)
  10. M. N. Sreenivasan Law and the Life Insurance Contract (1914)

NOTE: The minimum number of marks required to pass the examination i.e. previous as well as final, shall be 50% in each written paper/dissertation.