LL.B. (Three Years) Sem 6 Law of Insurance May 2024 60/40 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: 1. Please check if you have received the correct Question Paper; 2. Answer all Questions as per the instructions given; 3. Do not reveal your identity or put any signs, markings, inscriptions anywhere on your answer sheets.

SECTION I - Q.1: Answer any six of the following (12 Marks - 2 marks each)

1. Q1 What is Cargo and Hull insurance?
2. Q2 What do you mean by Re-insurance?
3. Q3 What is Mediclaim?
4. Q4 What is meant by right to Contribution?
5. Q5 What is Risk?
6. Q6 Who is Actuary?
7. Q7 What is meant by Causa Proxima?
8. Q8 What is Deviation?
9. Q9 What is floating policy under Marine Insurance?
10. Q10 What is Barratry?

SECTION II - Q.2: Answer any two of the following (12 Marks - 6 marks each)

1. Q11 Principle of Reinstatement.
2. Q12 Explain Nomination and Assignment.
3. Q13 Discuss the Principle of Uberrima Fides.
4. Q14 Discuss the role of third party under Motor Vehicle Insurance.

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

1. Q15 Mr. Vinod was an owner of the private car & his car was insured under the comprehensive policy. He was using his car for Tours & Travels without traveling license. His car was met with an accident on Bangalore highway and driver along with other two passengers died on the spot. (i) Is Mr. Vinod entitled to get the compensation of damaged car? Why? (ii) Whether a legal heir of the deceased persons travelling in the car will get any compensation by the Insurance Company? Why?
2. Q16 Mrs. Sheela 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 8 months thereafter she committed suicide out of disgust. Mrs. Sheela 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 the policy. Decide whether the Insurer Co. is liable to pay the amount in case of suicide by the assured?
3. Q17 Mrs. Neha Sharma 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 months. (i) Whether Mrs. Neha Sharma's appeal will be accepted by the court? Give reason. (ii) Whether Neha will be entitled to get any repudiated claim? Did the policy taken by policy holder will be null and void? Give reasons.
4. Q18 Mr. Shankar and his wife each signed a proposal for a joint policy on their lives and both contributed towards the premium. After the policy was taken the wife committed suicide 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 the life of wife? (ii) Is insurable interest a statutory requirement under the insurance Act? Give elaborate reasons for your answer.

SECTION IV - Q.4: Answer any two of the following (24 Marks - 12 marks each)

1. Q19 Explain in detail the functions of Life Insurance Corporation of India under the relevant Act?
2. Q20 Elaborately explain about the functions and powers of the Claims Tribunals.
3. Q21 Explain in elaborate details, the functions, role and duties of the Insurance Regulatory and Development Authority of India.
4. Q22 What are the essential features of Fire Insurance? Explain the rights of the insurer at the event of fire.

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