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MODULE I – INSURANCE LAW
3. Nature of Insurance
Legal contract giving risk transfer + financial security.
Contractual Agreement–legal contract; Risk Transfer–risk to insurer; Cooperative Device–many pay premium; Uncertainty–future event; Good Faith–true disclosure.
4. Historical Development
Ancient loss sharing → Marine first → Fire after Great Fire of London → India 1818 Oriental Life → 1956 Life Insurance Corporation of India → 1999 Insurance Regulatory and Development Authority of India.
5. Functions of Insurance
Risk cover; Financial security; Savings; Business safety; Peace of mind.
6. Kinds of Insurance
Life; Fire; Marine; Motor; Health.
7. Life Insurance
Pays on death/maturity.
Types: Whole Life; Term; Endowment; Money Back; ULIP.
8. Fire Insurance
Property fire loss cover. Fire must occur; insurable interest; actual loss only.
9. Marine Insurance
Ship/cargo/goods cover.
Types: Hull; Cargo; Freight.
Law: Marine Insurance Act, 1963.
10. Motor Vehicles Insurance
Vehicle accident/theft/liability cover.
Types: Third Party (compulsory); Comprehensive.
Law: Motor Vehicles Act, 1988.
11. Principles of Insurance
Utmost Good Faith; Insurable Interest; Indemnity; Subrogation; Contribution; Proximate Cause; Mitigation of Loss.
12. Premium
Amount paid by insured to insurer.
13. Types of Premium
Single; Regular; Level; Flexible; Limited.
14. Risk – Scope & Elements
Risk = chance of loss.
Elements: Uncertainty; Chance of loss; Future event; Financial impact.
Types: Pure; Speculative; Fundamental; Particular; Insurable.
15. Digital Insurance
Insurance managed online. E-policy; Online premium; Claim tracking; App services.
16. Cyber Insurance
Covers hacking, data theft, liability.
17. Data Privacy Laws
Protect personal data. India: Digital Personal Data Protection Act, 2023. Consent; Security; Penalty.
18. Health Insurance & Post-COVID
Medical expense cover. Hospital; ICU; Emergency; demand increased.
19. Grievance Redressal
Company grievance cell; IRDAI portal; Ombudsman; Consumer Court.
20. IRDA
Insurance regulator. Full form: Insurance Regulatory and Development Authority of India. Law: IRDA Act, 1999.
21. Objects of IRDA
Protect policyholders; Regulate sector; Promote development; Competition; Transparency.
22. Powers of IRDA
Grant/cancel license; Inspect insurers; Issue directions; Protect consumers; Regulate products.
23. Functions of IRDA
Registration; Supervision; Complaint monitoring; Agent regulation; Fraud control; Awareness.
24. Insurance Ombudsman
Quick dispute settlement. Claim rejection; Delay; Less payment; Service complaints. Rules: Insurance Ombudsman Rules, 2017.
25. IRDA Regulations & Guidelines
Policyholder Protection; Health Rules; Agent Licensing; Solvency Norms; Governance Guidelines.
IMPORTANT ACTS
Insurance Act, 1938; IRDA Act, 1999; Marine Insurance Act, 1963; Motor Vehicles Act, 1988; Consumer Protection Act, 2019.