Course Description: Insurance Law
Course Description: Insurance Law
Course Description: Insurance Law
Course Description
All individuals as well as their tangible and intangible assets are exposed to different types of
unforeseen risks. The risk can’t be avoided. It has got multi-faceted dimensions and involves huge
losses. No one can accurately predict the uncertainty. Life styles have changed rigorously and
along with these changes, the uncertainties of lives of individuals have also increased. These
uncertainties of human life, dangers and pitfalls with which human beings are surrounded and the
risks accompanying the dealings of human creatures inter se may be said to be the cause for the
beginning and development of insurance in all its departments. Insurance not only protects
individual from the unexpected peril or loss rater it is important for the whole society, whole nation
and further more for the world at large. The far sighted and long-range purpose is to accelerate the
economic growth of the nation. The insurance money collected by the insurance company from a
large number of people called the insured, is used in organized commerce and industry. In the way,
insurance plays an important role in the development of nation.
Course Objectives
Pedagogy
School of Law and Governance
A various learning methods will be used which will emphasize a cooperative learning format.
Student led discussions and presentations will be combined with instructor facilitated
experiences and lectures. Specific methods include:
UNIT -I
Origin, History and Development of Insurance Law
Economic liberalization and Privatization of insurance business
Definition, Meaning, Nature and Importance of Contract of Insurance
(1) Meaning, Definition and Importance
(2) Formation of Insurance Contract
Unit-II
Nature of Contract of Insurance:-
Insurable Interest
Doctrine of Utmost good faith
Doctrine of Causa-Proxima
Doctrine of Indemnity
Doctrine of Subrogation, Contribution & Reinstatement
Unit-III
Life Insurance
Definition, Essentials, Nature and Scope
Even Insured
School of Law and Governance
Unit-V
Fire Insurance
Definition, Nature and Scope
Meaning of the term “Fire” and “Loss by Fire”
Categories of Fire Insurance Policies
Double Insurance and Re-insurance
Unit-VI
Motor Insurance
Public Liability Insurance
Health Insurance
Other emerging insurance