Insurance Law Syllabus

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Course Title: Insurance Law

L T

Course Code:
3

P/ SW/F TOTAL
S
W
CREDI
T
UNITS
3

Credit Units: 3
Course Objective:
The objective of the course is to acquaint the students with the law applicable and
applied in Insurance Sector and to provide knowledge regarding Insurance
business in India with respect to its various types like Life Insurance ,Marine
Insurance , Fire & general Insurance , besides, the remedial measures thereto .
Pre-requisites:
The student should have understanding of day today affairs of life, business &
securities with aptitude to comprehend the various security cum Insurance
measures and related activities carried by Insurance Companies.
Student Learning Outcome:
This course acquaints students with the Insurance Business and its various types
.After undergoing the course the student will be having sufficient knowledge of
law related to Insurance and Insurances Practices practices concerning
life,marine & general Insurance etc .

Course Contents/Syllabus:

Module I: Introduction
Historical Development, Functions & Nature of Insurance , Kinds , Principals of
Insurance , Premium , Risk , Assignment & Subrogation , Insurance
Intermediaries, , IRDA , Insurance Frauds
Module II: Life & General Insurance
Concepts , Events insured in life, Circumstances affecting risk , Amounts
received & Persons entitled , Settlement of Claim , LIC of India , General
Insurance especially Fire , Burglary & Consumer Insurance
Module III: Marine Insurance
Concepts ,Principles & Classification of Marine Insurance .Assignment of
Marine Insurance Policy , the Voyage , Peril of the Sea ,Loss & Abandonment ,
Measures of Indemnity
Module IV: Motor Vehicle Insurance etc
Motor Vehicle Insurance , Claims , No Fault Liability etc ,Extent of Statutory
Liability , Vicarious Liability & its extent , Compensation on structured formula
basis , Consumer Claim & Insurers Liability, Ombudsman , Motor Vehicle Claims
Tribunal
Pedagogy for Course Delivery:
The course will be conducted using lectures, assignments. The students will be
acquainted with important case laws on the subject to understand the intricacies
involved in the Insurance Contracts /transactions.
Lab/ Practical details, if applicable: NA
List of Experiments: NA
Assessment/ Examination Scheme:

Assessment/ Examination Scheme:


Theory L/T (%)

Lab/Practical/Studio (%)

30%

NA

Theory Assessment (L&T):


Continuous Assessment/Internal Assessment
Components
(Drop down)

MidTerm
Exam

Project

Viva

Attendance

10%

10%

5%

5%

Weightage (%)

Text and References:


Law of Insurance by Avtar Singh
Law Relating to Marine Insurance by B.C.Mitra
Modern Law of Insurance by M,C. Gee
Manual of Insurance Laws Bharat
Modern Law of Insurance in India by Murthy & Sarma
Land Mark Judgments on Insurance under Consumer Protection Act : NCDRC
The Law of Consumer Protection by G.B. Reddy

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