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Theory paper

Law of Insurance

Examined on Insurance Act 1938, Marine Insurance Act 1963, Motor Vehicles Act 1988, Employees’ State Insurance Act 1948, Public Liability Insurance Act 1991 (with the 1992 amendments). Taken as amended to 2015. s. 45 is used in its substituted form — no policy may be called in question after three years on any ground, and a challenge within three years must be on fraud or misstatement communicated in writing with reasons (Act 5 of 2015, w.e.f. 26 December 2014). Where the IRDA Act 1999 Schedule differs from the Insurance Act, the Insurance Act governs.

This page is the map of the paper: every syllabus unit, the leading cases with full summaries, and the exam questions the paper actually sets.

Units

  1. Unit 1 · Introduction, Risk and the General Principles — Module I — the nature and function of insurance, risk and its classification, and the general principles: insurable interest, utmost good faith, indemnity, subrogation, contribution, causa proxima and mitigation
  2. Unit 2 · The Regulatory Framework, Life Insurance and Motor Third-Party — Module II — the IRDAI and the regulatory architecture; the contract of life insurance, its formation, assignment, nomination and claims; and motor third-party liability, including no-fault liability and the claims machinery
  3. Unit 3 · Non-Life and General Insurance — Marine, Fire and Property — Module III — marine insurance under the 1963 Act: the policy, warranties, voyage and deviation, losses and abandonment; fire and property insurance, the standard policy and its conditions; and the principles as they apply to non-life cover
  4. Unit 4 · Social Insurance in India — Module IV — the idea of social insurance and its statutory expressions: employees’ State insurance, public liability insurance and the Environmental Relief Fund, and the schemes the sources reach — with the heads they do not reach stated as gaps

Leading cases in this paper

Exam questions

Where it sits

Statutes