LL.B. (Three Years) Sem 6 Law of Insurance Nov 2016 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: (1) Answer all questions. (2) The Figures to the right indicate the marks.

SECTION I - Q.1: Write answers in one or two lines (20 Marks - 2 marks each)

1. Q1 Define a contract of insurance.
2. Q2 What is understood by the term uberrima fides?
3. Q3 What is suicide clause?
4. Q4 Who is actuary?
5. Q5 What is understood by assignment of policy?
6. Q6 What is meant by contribution?
7. Q7 What is public provident fund?
8. Q8 Define 'motor vehicle'.
9. Q9 State the 'Principle of no fault' under Public Liability Insurance Act, 1991.
10. Q10 What is general insurance?

SECTION II - Q.2: Write short notes on any four (20 Marks - 5 marks each)

1. Q11 Social Insurance.
2. Q12 Emerging Trends in insurance.
3. Q13 Perils of the sea.
4. Q14 Classification of Policies.
5. Q15 Principle of Good Faith.
6. Q16 Motor Accident Claims Tribunal.

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

1. Q17 Chandrashekar was employed with a public company as Vice President, Finance. He met with a road accident while returning from a family trip. His right hand was severely injured and about Rs. 17 lacs were spent on medical treatment. His employer had taken out employee Insurance and entire amount was reimbursed to Chandrashekhar by the Insurance Company. After recovery he filed Application under Motor Vehicles Act, to recover a sum of Rs. 17,00,000/- from the owner of the bus and also from the insurer of the bus. (i) Can Chandrashekar file claim and receive the amount under the Motor Vehicles Act? Give reasons for you answers. (ii) Is Mr. Chandrashekhar guilty of any offence? If yes state the offence.
2. Q18 "X" is a monthly tenant of a bunglow owned by Y. X pays rent to Y regularly. Y did not insure the bunglow and therefore X decided to avail fire insurance policy himself and accordingly took a policy from a reputed insurance company. The policy was issued in the name of "X" and premiums were paid by "X". The bunglow caught fire and the loss was assessed at Rs. 50,00,000/- which was within the limits of the sum insured. The insurance company refused to settle the claim. (i) Is the stand taken by the Insurance Company Valid? Give reasons for your answer. (ii) What is the remedy available to "X" under the given circumstances?
3. Q19 Mr. Rahman availed Mediclaim insurance from ABCD Insurance company. He was a Government employee and not required to undergo medical examination. He fell ill and was taken to the Hospital, while on duty. He was diagnosed of diabetes, which disease was not mentioned in the Application form. The Insurance Company refused to pay the claim. (i) What is the remedy available to Mr. Rahman? (ii) Can Mr. Rahman claim damages from the Insurance Company for refusal to pay the claim?

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

1. Q20 Explain the essential principles of an insurance contract.
2. Q21 Discuss the functions and powers of IRDA.
3. Q22 Examine the nature and scope of life insurance bringing about the kinds of life insurance.
4. Q23 Explain the following under marine insurance: (1) Insurance interest, insurable value (2) Voyage deviation.
5. Q24 Discuss the essentials of fire insurance.
6. Q25 Explain the salient features of Public Liability Insurance Act, 1991.

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