Mumbai University Solved Question Papers
Law of Insurance
Previous Year Question Paper with Solution
LLB 3 years · Sem 6
Apr 2014 Examination
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LLB 3 years Sem 6 Law of Insurance Apr 2014 Question Paper with Solutions
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First published on munotes.in on 24 October 2026.
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The question paper reproduced here is the paper as set by the University of Mumbai at the Apr 2014 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the Apr 2014 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the Apr 2014 examination, reproduced as the University of Mumbai set them, in the order it set them. Nothing has been reworded, added or left out. Only the answers are ours. See the original question paper.
Duration 3 hours · Total marks 100 · 25 questions answered
How to use this volume
Solve the paper first, under exam conditions and against the clock. Then read the answers here and mark your own. Reading a solution before attempting the question feels productive and teaches very little, because recognising an answer is not the same as being able to write one.
Q.1
Q.1: Write short answers, not more than two sentences
(a)What is insurable property under The Marine Insurance Act, 1963?[2]
Answer
Meaning. Section 2(c) of the Marine Insurance Act, 1963 defines insurable property as "any ship, goods or other movables which are exposed to maritime perils". It is the physical property that a marine policy can protect.
Its parts.
- A ship. Under rule 15 of the Schedule, "ship" includes the hull, materials and outfit, and the stores and provisions for the crew. In a powered ship it also includes the machinery, boilers and fuel owned by the assured.
- Goods. Under rule 17, "goods" means goods in the nature of merchandise. It does not include personal effects, or provisions and stores for use on board.
- Other movables. Section 2(f) defines "movables" as movable tangible property other than the ship. It includes money, valuable securities and other documents.
- Exposed to maritime perils. The property must be at risk from the perils of the sea navigation, as listed in section 2(e).
Why it matters. A marine adventure exists where insurable property is exposed to maritime perils (section 2(d)(i)). A person who may benefit by its safe arrival, or lose by its loss, has an insurable interest (section 7). Freight and liability are not insurable property, but they can still be insured as part of the adventure (section 2(d)(ii) and (iii)).
Example. A container of cotton bales shipped from Mumbai to Dubai is insurable property. So is the ship carrying it.
Conclusion. Insurable property is any ship, goods or other movables exposed to maritime perils. It is the subject-matter on which a marine adventure and a marine policy rest.
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