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Principles Of Insurance Law

Principles Of Insurance Law

Author(s)
:  M N SRINIVASAN
ISBN
:  978-81-8038-409-7
Year
:  2006
Format
:  Soft Cover
Edition
:  8th
Price
:  INR 360.00 / US$ 18
  • Description
  • Table of Contents

"Containing Case Law references of the Supreme Court of India, various High Courts, English and American Courts with a detailed study on Basics of Insurance, State Control of Insurance Business, Law Relating to Insurance Contracts, Formation, Performance and Discharge of Contract, Proposal and Policy, Terms, Conditions and Exceptions of Policy, Utmost Good Faith, Insurable Interest, Indemnity, Subrogation and Contribution, The Risk, Proximate Cause, Reinsurance, Agency, Scope with a study on Nature of Marine Insurance, Insurable Interest, Disclosure and Representation relating to Marine, Fire Insurance, Motor Insurance, Life Insurance alongwith relevant extracts of Indian Marine Insurance Act, 1963, English Life Assurance Act, 1774, English Gaming Act, 1845, Indian Fatal Accidents Act, 1855,""Extracts from L.I.C. Act, 1965, Extracts from General Insurance Business (Nationalisation) Act, 1972, Statements of Insurance Practice, text of Insurance Regulatory & Development Authority Act, 1999, Glossary of Insurance Terms etc. The Law of Insurance has been a subject of considerable public importance since its beginning. A few new statutory enactments have become added to the existing statutory material on the subject. The prominent among them are the Public Liability Insurance Act, 1991 and the Insurance Regulatory and Development Authority Act, 1999. Such degree of Legislative care further demonstrates the public importance of the subject. Apart from public importance, insurance is also a subject that cares for the individual and family interest. Insurance protects and is capable of protecting the general public as well as the individual. Because of its public and individual utility, insurance has by now, become of a business of huge turnover. India is now a vast insurance market.""The segment of compulsory insurance which provides social security to road users and to factory workers in itself presents a huge volume of business. It is this vastness of the market which attracted the foreign insurers and, in order to throw open the door to them, the exclusive monopoly of the Life Insurance Corporation and the General Insurance Corporation has been diluted. With this policy change, the organisational structure of insurance business in India is getting altered. Before 1956, the whole of the insurance sector was in the hands of private sector companies. The temptation for takeover of life insurance business was its money potentiality with the added reason of ghost companies. While public was saved from the burden of bubble companies, the people had to put up with loss bonus and low dividend at the hands of the Government insurer.""The same was the reason for takeover of general insurance business and the same has been the catastrophe to the public. Now the public sector insurer will work in competition with the private sector. Apart from structural changes, the law of insurance has also been registering changes in respect of its basic and working principles. These changes have rendered the subject to be more functional than merely theoretical. Hence the new edition of the present book had not only become necessary but was rather also somewhat overdue. Into this subject of great public importance, Shri M.N. Srinivasan ventured with the motto of ""In the service of our Lord, the all-merciful Almighty."" Service of the people means service of Almighty. Hence, a subject of public importance taken up with the motto of public service. Success naturally came its way. The present editors have come across this unique opportunity of further advancing the success of this contribution in the field of insurance law.""The noble author had organised the presentation of the subject into certain divisions, namely administration of the business of insurance and its principles. Statutory part dealt mainly with the regulation and functioning of insurance companies. The study of principles dealt with the various types of insurance prevalent in the society, for example, life, marine, fire, etc., etc. This scheme has been maintained in this new and considerably enlarged edition."


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