Annexure ‘CD – 01’

U T TA R P R A D E S H

FORMAT FOR COURSE CURRICULUM

L T P/S SW/FW No. of TOTAL

PSDA CREDIT
Course Title: Insurance Law UNITS
3 0 0 0 0 3

Credit Units: 3

Course Level: UG Course Code: LAW 514

Course Objectives:
• To acquire specialized knowledge of law and practice relating to Insurance.
• To understand the structure and substance of insurance policies;
• To evaluate the effectiveness of legislation in controlling the insurance industry and protecting the interests of consumers of insurance products and
insurers

Pre-requisites: The student should have understanding of day today affairs of life, business & securities with aptitude to comprehend the
various securities cum Insurance measures and related activities carried by Insurance Companies.

Course Contents/Syllabus:
Weightage (%)
Module I: Introduction 20%

 Meaning, Definition & Nature of Insurance

 Historical Development of Insurance
 Functions of Insurance
  Kinds of Insurance: Life, Fire, Marine and Motor Vehicles Insurance
 Principals of Insurance
 Premium
 Risk: -scope and elements of risk

25%

Module II: Life & General Insurance

 Life Insurance Contract – Nature and Scope
 Types of Life Insurance Policies
 Establishment and Functioning of LIC,
 Events insured in life
 Assignment & Nomination
 Circumstances affecting risk, Amounts received & Persons entitled, Settlement of Claim
 General Insurance especially Fire, Burglary & Consumer Insurance,
Module III:  Marine Insurance       25%
          
 Nature and scope of Marine Insurance
 Principles & Classification of Marine Insurance policies
 Assignment of Marine Insurance Policy
 The Voyage, Peril of the Sea
 Loss & Abandonment
 Measures of Indemnity
 Settlement of Marine Insurance Claim

  Module IV: Motor Vehicle Insurance                              20%

 Motor Vehicle Insurance

 Rights of third parties & Claim for Compensation
 No Fault Liability
 Extent of Statutory Liability, Vicarious Liability & its extent Compensation on structured
formula basis
  Motor Vehicle Claims Tribunal ,Consumer Claim & Insurers Liability .
Module V: Grievance Redressal                            10%

 Insurance Regulatory and Development Authority(IRDA): Object, Power and functions

 Insurance Ombudsman
 Relevant Regulations and Guidelines issued by IRDA

Course Learning Outcomes:

1. This course acquaints students with the Insurance Business and its various types.
2. An understanding of the Legal dimensions of the law relating to the formation of insurance contracts.
3. To familiarize with the organizational set-up of the redressal mechanisms, functions & powers of the same, claim settlement procedural aspects, under
the various statutes pertaining to insurance

Pedagogy for Course Delivery:

The course will be conducted using lectures, assignments. The students will be acquainted with important case laws on the subject to
understand the intricacies involved in the Insurance Contracts /transactions.

Lab/Practical details, if applicable:

List of Experiments:
NA
Assessment/ Examination Scheme:

Theory L/T (%) Lab/Practical/Studio (%)

100% NA

Theory Assessment (L&T):

Components (Drop Class Test Project Viva Attendance End-term Examination

down)

Weightage (%) 10% 10% 5% 5% 70%

Lab/ Practical/ Studio Assessment:

Continuous Assessment/Internal Assessment End Term Examination

(____ %) (____ %)

Components (Drop down NA NA NA NA NA NA NA

Weightage (%) NA NA NA NA NA NA NA
 Mapping of Continuous Evaluation components including PSDA with CLOs

Bloom’s Remembering Understanding Applying Analyzing Evaluating Creating

Level >
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under the
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statutes
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insurance.

Class Test √  √ √
Project  √ √
Viva  √ 
Text Reading:
 Law of Insurance by Avtar Singh
 Law Relating to Marine Insurance by B.C.Mitra
 Modern Law of Insurance by M, C. Gee
 Manual of Insurance Laws – Bharat
 Modern Law of Insurance in India by Murthy &Sarma
 Landmark Judgments on Insurance under Consumer Protection Act: NCDRC
 The Law of Consumer Protection by G.B. Reddy

References:

 Insurance Regulatory and Development Authority (IRDA),1999

 Life Insurance Corporation Act,1956
 Marine Insurance Act,1963
 Motor Vehicle Act,2019