Course Description: Insurance Law

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School of Law and Governance

LAW 457 INSURANCE LAW L T P C


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Pre-requisites//Exposure
co-requisites
Semester VIII
Programme B.A.LL.B.(H.) & B.Sc.LL.B.(H.)

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

Specific objects of the course are as follows:


 To understand the need, origin and development of insurance business.
 To have the overview of the general and special nature of insurance.
 To understand the concept, role and nature of Insurance contract.
 To analyse the objectives behind the economic liberalization and its impact on the business
of insurance in India.
 To have general understating of emerging areas of insurance.

Pedagogy
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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:

 Class Room Discussion


 Teaching Assignment
 Presentations
 Case Studies
 Projects
 Seminar
 Panel Discussion
Evaluation Scheme:
Continuous Assessment 30 Points
Attendance 5 Points
Mid-Term 15Points
End Term 50 Points

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
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 Circumstances Affecting the Risk including suicide


 Categories of Life Insurance Policies
Unit-IV
 Marine Insurance
 Definition, Nature and Scope
 Categories of Marine Insurance Policies
 Insured Perils
 Loss and Abandonment
 Partial Losses and General Average

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

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