Page 179 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Insurance Laws and Practices

Notes 9.9 Review Questions

1. What is considered as consideration in case of insurance contracts?
2. Explain briefly the elements of general insurance contract.
3. Why is it important for insurable interest to exist in case of fire and miscellaneous
insurance?
4. Define marine insurance. Explore the meaning of marine insurance.
5. What are the various types of marine insurance policies? Explain with the help of diagram.
6. Briefly explain the clauses that need to be incorporated in a marine insurance contract.

7. Besides clauses, what are the other bonds that are important in marine insurance?
8. Write a detailed note on marine losses.
9. What do you understand by the term partial loss? Explain with the help of suitable example.
10. Explain the procedure of payment of claims for inland consignments.
11. Describe the procedure for the payment of claims in case of import and export consignments.

12. Write short note on:
(a) Open Cover Policy
(b) Wagering Policy
(c) Floating Policy

Answers: Self Assessment

1. Contract 2. Illegal

3. Insurable interest 4. Indemnity
5. Remote 6. Perils
7. Insurer, insured 8. Tangible
9. Voyage 10. Insurance

11. Loss 12. Underwriter’s
13. Actual, Constructive 14. Insured, insurer
15. Bill of Lading 16. Survey

9.10 Further Readings

Books Gulati, Neelam. C. (2011), Banking and Insurance, Excel Books.
Gulati, Neelam. C. (2013), Principles of Risk Management and Insurance, Excel Books.

Krishnaswamy. G. (2009), Principles and Practice of Life Insurance, Excel Books.
Misra, M.N. and Mishra, S.B. (2009), Insurance Principles and Practices, S. Chand
Publication.

Sahoo and Das (2009), Insurance Management: Text and Case, Himalaya Publication.

174 LOVELY PROFESSIONAL UNIVERSITY