LL.B. (Three Years) Sem 6 Law of Insurance Nov 2017 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 What is Voyage?
2. Q2 What is Cargo Insurance?
3. Q3 Define a Contract of Insurance.
4. Q4 Who is Actuary?
5. Q5 What is Double Insurance?
6. Q6 What is meant by seaworthiness?
7. Q7 What is Lapse of policy?
8. Q8 What is the meaning of days of grace?
9. Q9 Who was the chief agent under the Life Insurance Act, 1938?
10. Q10 What is knock out agreement under Motor Vehicle Act?

SECTION II - Q.2: Write Short Notes on any four of the following (20 Marks - 5 marks each)

1. Q11 Classification of Marine policies.
2. Q12 Amounts recoverable under life policy.
3. Q13 Perils of the sea.
4. Q14 Doctrine of Subrogation.
5. Q15 Principle of Uberrima Fides.
6. Q16 Difference between Assignment and Nomination.

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

1. Q17 "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" declared 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". The bunglow caught fire and the loss was assessed at Rs. 25,00,000/- 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 remedy available to "X" under the given circumstances?
2. Q18 Mr. Kumar & 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. (i) Does the husband have any insurable interest in the life of his wife? (ii) Is Insurable interest a statutory requirement under the Insurance Act? Why?
3. Q19 The General Insurance Company agreed to indemnify M/s. XYZ, the owner of the building. The policy contained clause which stated that it provided indemnity only in respect of events occurring during the period of insurance. Two months prior to the commencement of the policy a burst of the main pipe occurred. This burst caused damage to the building during the period of the policy. M/s. XYZ claimed damage from the General Insurance Company. (i) When does Insurer liable for making the payment? (ii) What are the defences available to the Insurance Company? When does the Insurer risk come to an end?

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

1. Q20 What is Insurable Interest and how it is determined?
2. Q21 What is social Insurance? Explain its significance and discuss its various forms.
3. Q22 Discuss the powers and functions of IRDA.
4. Q23 Representation and Warranties.
5. Q24 Enumerate the conditions of the policy.
6. Q25 What are the rights of Policy holder in case of nomination.

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