LL.B. (Five Years) Sem 10 Law of Insurance Nov 2013 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: (1) Figures to the right indicate full marks. (2) Answer all questions on separate sheet of the answer paper.

SECTION I - Q.1: Write short answers, not more than two sentences (20 Marks - 2 marks each)

1. Q1 What is an aleatory contract?
2. Q2 What is a premium notice?
3. Q3 What is meaning of 'Fire' under Fire Insurance Business?
4. Q4 What is 'Jeevan Sathi policy'?
5. Q5 Who was chief agent under the Life Insurance Act 1938?
6. Q6 Days of grace in terms of policy premium payment?
7. Q7 What is discharge of contract?
8. Q8 What is a disability benefits?
9. Q9 What is suicide clause?
10. Q10 What is General insurance business?

SECTION II - Q.2: Write short explanatory/definitional or analytical answers on any four (20 Marks - 5 marks each)

1. Q11 Doctrine of Subrogation under Marine Insurance Act.
2. Q12 Principle of uberrima fides.
3. Q13 Revival of discounted or lapsed policy.
4. Q14 Nomination on life insurance policy.
5. Q15 Controller of Insurance under Insurance Act 1938.
6. Q16 Employer's liability Insurance.

SECTION III - Q.3: Answer any two (12 Marks - 6 marks each)

1. Q17 Mr. Samarth and his wife each signed a proposal form for a joint life policy on their lives and paid the premium. After issuing the policy Mrs. Samarth committed suicide due to unavoidable circumstances and the husband claimed the sum assured. The Insurer alleged that at the time of taking the policy the husband had no insurable interest in his wife's life. (i) Does the husband have any insurable interest in his wife's life? Please advice. (ii) Is insurable interest a statutory requirement under the Insurance Act? Why?
2. Q18 Mr. Ravikumar was an owner of the private car and his car was insured under the Comprehensive Policy. His car was using for tours and travels without traveling license. His car met with an accident on Goa highway and driver along with other three passengers died on the spot. (i) Is Mr. Ravikumar entitled to get the compensation of damaged car? How? (ii) Whether a legal heir of the deceased person will get the compensation by the insurance company?
3. Q19 Mrs. Madhuri Padwal filed an appeal against LIC of India for a repudiation of liability under a policy own by her deceased husband. While taking the policy the life assured was suffering from fistula operated two months before taking policy. He had not disclosed material fact of operation in the proposal form. After issuing the policy a life assured died within six month. (i) Whether Mrs. Madhuri Padwal appeal will be accepted by the Court? Why? (ii) Whether she will be entitled to get any repudiated claim? Did the policy taken by policy holder null and void?

SECTION IV - Q.4: Answer any four (48 Marks - 12 marks each)

1. Q20 What are the duties, powers and functions of the I.R.D.A?
2. Q21 Distinguish between Assignment and Nomination.
3. Q22 Representations and Warranties.
4. Q23 Enumerate the conditions of the policy.
5. Q24 Specify different policies issued under Motor Insurance Act.
6. Q25 What are the essentials required for fire insurance contract?

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