Master of Law (LL.M.) Group 2 Business Law Law of Insurance 2019 Question Paper - Mumbai University | munotes

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SECTION I - Form 60649. Answer any four questions, all questions carry equal marks, cite relevant cases to support your answers (any four of seven) 100 Marks

1. 1. Explain the relationship between insurance and the nature of risk. How does alteration in the nature and quantum of risk affect the validity of a contract of insurance?
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2. 2. Trace the development of Law of Insurance in India. Discuss the phases of Nationalization, Privatization and Globalization of Insurance in India.
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3. 3. Write detailed notes on the following:
   • a) Seaworthiness
   • b) Express & Implied Warranties in Marine Insurance.
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4. 4. Explain the composition, functions and powers of Motor Accident Claims Tribunal. What is its role in relation to third-party insurance claims in cases of motor vehicle accidents?
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5. 5. What is 'Insurable Interest'? Analyse the concept of Insurable Interest in the context of Life Insurance, Fire Insurance & Marine Insurance.
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6. 6. Write notes on the following:
   • a) Perils insured against in Standard Fire Policies A&B.
   • b) Double Insurance and Principle of Contribution.
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7. 7. Write short notes on the following:
   • a) Mediclaim & Sickness insurance
   • b) Difference between subrogation and assignment of right to the insurer.
   • c) Nature and scope of Fire Insurance.
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SECTION II - Form 78771. Answer any four questions, cite relevant case laws and illustrations (any four of seven) 100 Marks

1. 1. Explain the need, nature, types and importance of the Contract of Insurance. Discuss the various forms of consideration for the Insurer and the Insured in a Contract.
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2. 2. Explain the Composition, duties, powers and functions of IRDA.
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3. 3. Explain the nature, principles, scope and importance of Marine Insurance. Also give a detailed note on the concept of Perils of Sea.
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4. 4. Write notes on each of the following:
   • a) Distinction between Contractual and Legal Liabilities in the context of Liability Insurance
   • b) Public Liability Insurance
   • c) Professional Negligence Insurance
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5. 5. Elaborately discuss the Nature, Principles and Scope of Accidental Policies. Also describe the process of calculating Compensation and Liability under such policies. Further, explain the concept of Contributory Negligence.
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6. 6. Write notes on each of the following:
   • a) Causa Proxima
   • b) Uberrima Fides
   • c) Subrogation
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7. 7. Write notes on each of the following:
   • a) Insurable Interest in Life Insurance
   • b) Reinsurance
   • c) Warranties with respect to Marine Insurance
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