Law of insurance

OBJECTIVE
The concept of insurance has significantly developed in the present post privatization era. The study of insurance law has various dimensions. The concepts like insurable interest, good faith criteria, remoteness of cause have been very important in the area of insurance disputes. The IRDA, a new regulator has framed various significant rules for regulating the insurance sector. The objective of the course is to provide the
students.
i. To know of the legal dimensions relating to formation and discharge of insurance contracts.
ii. To understand and appreciate the aspects of various insurance contracts.
iii. To learn the redressal mechanisms available pertaining to the insurance sector.

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1.INTRODUCTION
Meaning of concept of Insurance – Risk Management - Kinds of risks – Insurable – Distinction between Insurance Assurance – Parties of Insurance. Insurance and contract linkage – Extent of applicability of General principles of Law of Contract viz., offer, acceptance, capacity of parties, consideration, consensus, ad-idem and lawful object – Insurance and wager – Performance of insurance contracts – Discharge of Insurance Contract. Necessity for applying special principles of contract to Law of Insurance – Extent of applicability – Special Principles: (a) Uberrimae fidae, (b) Indemnity, (c) Subrogation, (d) Contribution (e) Proximate cause – Cover note and slip.

2.FIRE INSURANCE CONTRACT
Meaning of the term ‘Fire’ – Fire policies – Perils insured – Fire claims – Scope of applicability of special principles to contract of fire insurance – Standard Fire Policy – ‘Average’ in Fire Insurance Contract.

3.MARINE INSURANCE CONTRACT
Significance of Marine Insurance Contract – Maritime perils – Subject – Matter covered by Marine Policy – Kinds of Marine policies – Scope of applicability of special principles to contract of marine insurance – Principle of ‘change of voyage’ and Deviation’ and therein related aspects – Total loss – Partial loss – General average sacrifice and expenditure – Salvage – An over view of Marine Insurance Act, 1963 with special reference to Bill of Lading and counter party.

4.LIFE INSURANCE CONTRACT
Introduction – Meaning of Life Insurance and its significance – Kinds of Life policies – Extent of applicability of Special Principles to Life Insurance Contract – ‘Suicide’ Clause in a Life Policy – Assignment and nomination – Constitution, powers and functions of L.I.C. under L.I.C. Act, 1956 – Ombudsman, IRDA.

5.MOTOR VEHICLE INSURANCE
Introduction – The Motor Vehicles Act, 1939 (as amended in 1988) – Compulsory Third party Insurance of Motor Vehicles – No – fault liability – Chapter VIII A of the Act – Motor Accident Claims Tribunals. Law of evidence is necessary for applying insurance in India

Books Prescribed:
1. Raoul Colinvarx – Law of Insurance
2. M.N. Srinivasan – Law of Insurance
3. Srinivasan & Murthy – Law of Insurance
Books for Reference:
1. Hardy Ivany – Law of Insurance

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