B.A. LL.B. (Five Years) Sem 10 Law of Insurance Apr 2014 Question Paper - Mumbai University | munotes

Questions asked in this paper

Q.1 Q.1: Write short answers, not more than two sentences

1. (a) What is insurable property under The Marine Insurance Act, 1963?
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2. (b) Who is Actuary under the Life Insurance business?
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3. (c) What is suicide clause?
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4. (d) What is the meaning of Maritime Perils under Marine Insurance Act, 1963?
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5. (e) What is Uberrima fides?
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6. (f) What is Fire Insurance Business?
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7. (g) What is Aleatory Contract?
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8. (h) What is General Insurance?
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9. (i) What is the meaning of Maturity of Policy?
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10. (j) What do you mean by Double Insurance?
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Q.2 Q.2: Write short notes, any four

1. (a) Classification of Contract of Insurance.
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2. (b) Doctrine of Subrogation.
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3. (c) Insurance Intermediaries.
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4. (d) Principles of Indemnity.
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5. (e) Classification or Kinds of Marine Policies.
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6. (f) Employer's Liability insurance.
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Q.3 Q.3: Answer any two

1. (A) Mr. Jadhav & his wife each signed a proposal for a joint life policy on their lives & both contributed towards the premium. After the policy was taken the wife committed suicide & 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. (1) Does the husband have any insurable interest in the life of his wife? (2) Is insurable interest a statutory requirement under the Insurance Act? Why?
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2. (B) Mr. Ramrajan was an owner of the private car & his car was insured under the comprehensive policy. He was using his car for Tours & Travels without travelling license. His car was met with an accident on Banglore highway & driver alongwith other two passengers died on the spot. (1) Is Mr. Ramrajan entitled to get the compensation of damaged car? Why? (2) Whether a legal heir of the deceased persons will get the compensation by the Insurance company? Why?
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3. (C) Smt. Alka, widow of Shri. Arun who had taken a policy of insurance for Rs. 12 Lakhs vides proposal No. 8275346 dated 22-01-1999. Shri. Arun died on 10-04-2000. While taking the policy life assured did not disclosed material fact that he was suffering from cancer & had been taking treatment. After his death Smt. Alka intimated the insurer about the death of her husband & demanded payment of claim. (1) Is an insurer liable to pay the full claim to the widow or premiums paid to LIC of India? What are the grounds for it? (2) Whether the court can upheld the principle that when a contract is bad on the ground of fraud? How?
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Q.4 Q.4: Answer any four

1. (a) What are the different modes of discharge of Insurance Contract?
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2. (b) Explain in detail assignment of the life, fire & marine policies.
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3. (c) Explain the nature of Fire Insurance contract.
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4. (d) What is the role of I.R.D.A.
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5. (e) Representation & Warranties.
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6. (f) Explain in detail the conditions of the policy.
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