SOURCES OF LAW DEFINITION OF LAW - Sources of Law – Anglo Saxon Law – Legislation – Subordinate Legislation – Ancient Indian Law – Srutis – Smritis – Immemorial Customs – Commentaries – Law in modern India – A uniform Civil Code – Common Law – Equity – Statute Law – Judicial Precedents. Administration of Justice in India. The Supreme court and its Powers – The High Court and its Powers - Powers of High Courts – Other Subordinate courts – Other Tribunals – Arbitration – Consumer Forums - Public Premises Act 1971 – Labour Laws - The Industrial Disputes Act 1947 – Shop and Establishment Acts – Workmen‘s Compensation Act, 1923 – Other Labour Laws. Other Acts. LAW OF CONTRACT DEFINITION – Classification of Contracts – Special features of insurance contracts – Contracts in General – Proposal, acceptance and their communication – Parties to the contract and their capacity to enter into enforceable agreement – Consensus ad idem – Explanation – Consideration – Legality of the object – Life Insurance Contract. LIFE INSURANCE CONTRACT – I, Proposal – Acceptance – Competence to Contract – Insurable Interest – Policies on the lives of minors – Policies on the life of others – Principle of Indemnity – Human Life Value Concept– Section 45 of the Insurance Act 1938 – Indisputability of Policies.
LIFE INSURANCE CONTRACT – II; Proposal as the Basis of Contract: Issuance of Life Insurance Policies – Prospectus – Construction of a Life Insurance Policy – Policy conditions, Privileges etc – Accident Benefit – Disability Benefit – Void Policies – Interpretation. GROUP LIFE & OTHER INSURANCE SCHEMES; Group Life Insurance Policies: Insurable Interest – Development of Schemes – Disclosure of Material Facts – Renewals. Benefits – Conversion Option – Claims.
LIFE INSURANCE POLICIES AS PROPERTY; Property – Actionable claim – Joint Tenancy & Tenancy in Common – Mortgage of Life Insurance Policies – Policy Loans – Indian Stamp Act, 1899 & Stamp Duties. RIGHTS UNDER LIFE Insurance Policies; Assignment – Nomination – Policies Under Trust M.W.P Act, 1974 – Loss of Policies. CLAIM SETLEMENT; Termination Discharge of Contracts – Claim Settlement under Life Insurance Policies – Maturity claim – Death Claim – Proof of death – Proof of age – Original policy – proof of title.
TAX LAWS AND LIFE INSURANCE; Income Tax and Life Insurance: Income – Assesses – Assessment – Previous Year – Assessment year – Categories of Assessees – Head of Income – Exclusion from Total Income – Exemptions – Deductions from Gross Total Income –– Pension Plans – Contribution to pension schemes of Central Govt., – Insurance of Joint Lives – Deferred Annuity Policy – Wealth tax and Life Insurance Policies – Saving in Wealth tax – Service Tax and Life Insurance. Appointment of Life Insurance Agent, Licence etc. Legal Status of Individuals and Life Insurance; Nationality, Domicile Citizenship – Exchange Control Regulations – Issue of policies and collection of premium – Settlement of claims. Nationalisation of Life Insurance ; Life Insurance Corporation Act, 1956 – Valuation.
Protection of Interest of Consumers; Consumer Protection Act, 1986 – Consumer in relation to Service – Service Under the Act – ―Deficiency‖ defined – ―Unfair Trade Practice‖ defined – ―Restrictive Trade Practices‖ defined – Manner in Which Complaint is to be Made – The Three Tier system of Redressal of Complaints – Implications of Consumer Protection Act to Life Insurance Industry – Formation of Consumer Protection Councils and its objects – Insurance Ombudsman. Life Insurance Legislation Abroad and Policy Initiatives in India; Insurance Companies Act, 1982 of U.K – Classification of Insurance Business – Authorization by the Secretary of state – Regulation of Insurance business – Authorization – Investment of Life Fund – Life Insurance & Unit Trust Regulatory Organization (LAUTRO) – Fit and Proper Persons – Know your client – Disclosure of Information – The Financial Service Tribunal . Life Insurance Laws in USA – The Distinctive features of Insurance Contracts in U.S.A – Human Life Value – Policy conditions – Interpretation of life assurance contracts – Insurance Agents – Category of Agent – Estoppels Vs Waiver – Government regulation of Insurance in USA – Impact of Supreme Court Decisions – Responsibilities of the State Insurance Depts. – Miscellaneous Insurance laws enforced by the state – Federal laws affecting insurance – Life Insurance Laws in the European Economic community – The Rome Convention – Insurance Contracts – Life Insurance Directives – Competition Rules – Insurance regulation in India –– Formation of Insurance regulatory Authority in India. INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999. Important Sections in IRDA Act, 1999 –Insurance Act, 1938 – Section 42(6) of Insurance Act, 1938 – Section 114A of Insurance Act, 1938 Power of Authority to make regulations – An Annexure Note on the Insurance Act 1938 – Ensuring soundness of the Company – Protection of Interest of Individual policyholder – Insurance amendment Act, 1950 – Effect of the Provisions of the Insurance Act 1938 on LIC of India Act, 1956. Annexure on Important cases decided by the Courts and National Commission