LLB 3 Years Optional Papers Group 2 Law Of Insurance 2018-19 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

1. Q1 Write short answers (not more than two sentences) 20 marks
   • a) Whatis an aleatory contract?
   • b) What is a premium notice?
   • c) meaning of ‘Fire’ under Fire Insurance Business?
   • e) chief agent under the Life Insurance Act 1938? 4 f) Days of grace in terms of policy prernium payment? a g) What is discharge of contract?
   • i) What is suicide clause?
2. Q2 Write short explanatory/ definitional o answers on any four. - a (a) Doctrine of Subrogation under Marine Insurance Act 20 marks
   • (b) of uberrima fides
   • (c) Revival of discounted or lapsed policy a (d) Nomination on life insurance policy
   • (e) Controller of Insurance under Insurance Act 1938
   • (f) liability Insurance
3. Q3 Answer any two: - 1 (A) 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 suicide due to unavoidable circumstances and the husband claimed the sum 3 assured. The Insurer alleged that at the time of taking the policy the no insurable interest in his wife's life Does the husband have any insurab!e interest in his life? Please advice Is insurable interest a statutory requirement under the Insurance Act? Why? 12 marks
   • (c) State whether the following indorsements are further negotiabie, with reasons:—
   • (i) "Pay the contents to 'C' only"
   • (ii) "PayC"
   • (iii) Pay to'C' order
4. Q4 Answer the following (any four) : 48 marks
   • (a) Discuss the various provisions of the Negotiable Instrument Act relating to noting and protesting
   • (b) Discuss the provisions under section 138 of the Negotiable Instrument Act
   • (c) Discuss the various powers and functions of the Reserve Bank of India
   • (d) Compare and contrast Promissory Note, Bill of exchange and Cheque
   • (e) Discuss the provisions of the Banking Regulation Act, 1949 relating to:— — (i) Licensing of banking companies and their branches
   • (ii) | Licensing of co-operative (Urban) banks and their branches
   • (f) Although banking is a business, banking companies cannot engage themselves in any form of business. Analyse this statement after taking into consideration the relative provisions of the Banking Regulation Act, 1949
5. Q2 a aR) :

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