LLB 3 Years Optional Papers Group 2 Law Of Insurance 2019-20 Question Paper - Mumbai University | munotes

Paper Subject Code: 35805 Law of Insurance. S EM
(Time: Three Hours) Total Marks - 100
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N.B: 1. All questions are compulsory
2. Figures to the right indicates full marks
Q. No. 1 Answer the following (not more than two sentences) 20 Marks
a). Explain Principle of Contribution
b). What is Cargo Insurance?
c). What is Adhesion Contract?
d). What is the meaning of days of grace?
e). What is Aleatory Contract of Indemnity?
What is Voyage Policy?
g). What is Constructive Total Loss?
h). What is Term Plan?
i). What is Alteration of Risk?
j). Explain the principle of Uberrimae Fidei
Q. No. 2 Write short notes on (Any four) 20 Marks
a) Freight Policy
b) Hull Insurance
d) Fire Insurance
f) Insurable interest
Paper Subject Code: 35805 Law of Insurance
Q. No. 3 Solve Any Two (With reasons) 12 Marks
A). Ms. Grishma made a proposal for the insurance of her house against fire. The method of disclosure
was passive disclosure and therefore the insured was required to fill the form accordingly. One of the
questions in the proposal form was “whether the house had been previously offered for insurance to
any other insurance company, and if so with what results”. Grishma left this question without any
answer. The Policy was issued and the insurance company, subsequently found that on two previous
occasion’s proposals for insuring the house had been rejected. The Insurance Company denied the claim
Decide the liability of the Insurance Company with the help of the relevant case laws
B). Mr. Rohit, a manager in a multi national company settled at Mumbai with his wife and two children
Mr. Rohit insured his life and nominated his policy in favour of his father. Mr. Rohit was suffering
from heart problem which was not disclosed to the Insurer Co. Due to sudden cardiac arrest Mr. Rohit
passed away. After the death of Mr. Rohit, his widow and Children demanded the LIC as legal heirs of
the assured to pay their shares of the sum assured. LIC insisted that the payment if any would be made
only to the nominee
In light of the relevant provisions of Insurance laws, discuss the rights of the nominee as to the claim
after the death of the assured? Also discuss the liability of the Insurer Co. in the above case
C) Mrs. X insured her life with HIC Insurance Co. and in letters of contract it was provided that the
policy was to become unenforceable if the assured would cause her own death before the policy has
been in existence for one year. The assured after one year assigned the policy in favor of her daughter
and 08 months thereafter she committed suicide out of disgust. Mrs. X was in her complete senses and
sound state of mind while committing suicide. The son filed a suit, as assignee to claim the amount of
Decide whether the Insurer Co. is liable to pay the amount in case of suicide by the assured?
Q. No. 4 Answer in detail (Any four) 48 Marks
a) Discuss the Principles in Public Liability Insurance
b) What are the different policies issued under Motor Vehicle Insurance?
c) Explain Social Insurance
d) Explain Risk Management process
e) Explain the Powers and Duties of IRDA
f) Difference between Nomination and Assignment of Life Insurance Policy