LL.B. (Five Years) Sem 10 Law of Insurance Nov 2014 Question Paper - Mumbai University | munotes

Questions asked in this paper

• N.B: (1) Figures to the right indicates full marks. (2) Answer all questions on separate sheet of the answer paper.

SECTION I - Q.1: Write short answer, not more than 2 sentences (20 Marks - 2 marks each)

1. Q1 What do you mean by freight, under marine Insurance Act 1963?
2. Q2 What is fund under I.R.D.A. Act 1999?
3. Q3 What is Inchamaree clause?
4. Q4 What is lapse of policy?
5. Q5 What is the meaning of days of grace?
6. Q6 What is valued policy?
7. Q7 What is aleatory contract?
8. Q8 What is the meaning of Reinsurance?
9. Q9 What is general insurance?
10. Q10 What is Uberrima fides?

SECTION II - Q.2: Write short explanatory/definitional or analytical answers on any four (20 Marks - 5 marks each)

1. Q11 Seaworthiness of a ship.
2. Q12 Liability Insurance.
3. Q13 Difference between Assignment and nomination.
4. Q14 Classification of contract of Insurance.
5. Q15 Assignment of the insurance policy.
6. Q16 Difference between life Insurance & fire Insurance.

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

1. Q17 Mr. Sadashiv was an owner of the private car & his car was insured under the comprehensive policy. He was using his car for Tours & Travels with out traveling license. His car was met with an accident on Pune Highway & driver along with other two passengers died on the spot. (1) Is Mr. Sadashiv entitled to get the compensation of damaged car? Why? (2) Whether a legal heir of the deceased persons will get the compensation by the Insurance Company? Why?
2. Q18 Smt. Vimla, widow of Shri Vikas who has taken a policy of Insurance for Rs. 10 Lakhs vide proposal No. 734532 dated 10-03-2001. Shri Vikas died on 23-07-2002. While taking the policy life assured did not disclosed material fact that he was suffering from cancer & had been taking treatment. After his death Smt. Vimla intimated the insurer about the death of her husband & demanded payment of claim. (1) Is an insurer liable to pay the full claim to the widow or premiums paid to LIC of India? What are the grounds for it? (2) Whether the court can upheld the principle that when a contract is bad on the ground of fraud? How?
3. Q19 Mr. Pokale & his wife each signed a proposal for a joint life policy on their lives & both contributed towards the premium. After the policy was taken the wife committed suicide & 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. (1) Does the husband have any insurable interest in the life of wife? (2) Is insurable interest a statutory requirement under the Insurance Act? Why?

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

1. Q20 Explain the nature of fire Insurance Contract.
2. Q21 Explain the doctrine of subrogation and doctrine of contribution. What are the differences between these two doctrines?
3. Q22 Explain in detail establishment, composition, power and functions of I.R.D.A.
4. Q23 What are the different modes of discharge of contract of Insurance?
5. Q24 Representation and warranties.
6. Q25 What are the different kinds of perils of the seas?

Read from the scan above, so a character or two may differ. The scan is the original.