insurancelife insurance: concept, nature and important provison under the act
TRANSCRIPT
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LIFE INSURANCE: CONCEPT, NATURE AND IMPORTANT
PROVISON UNDER THE ACT
Project report on Insurance Law
SubmittedTo:
Assistant Po!" Sa#antani das
Submitted $#:
S%i&ani 'ais(a)
$"$"A"LL"$ *Hons"+ VII Semeste
MATS Uni&esit#
MATS La( S-%oo), Rai.u
1
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TA$LE OF CONTENTS
S"No" To.i- Pa/e No"
1 INTRODUCTION WITH DEFINATION AND MEANINNG 7
2 HISTORY AND OBJECTIVE OF LIFE INSURANCE 10
3 NATURE OF LIFE INSURANCE CONTRACT 12
4FORMATION OF LIFE INSURANCE CONTRACT
15
5 STATUTORY POSITION OF LIFE INSURANCE CORPORATION 18
ADVANTAGES OF LIFE INSURANCE 23
7 CONCLUSION 25
8 BIBLIOGRAPHY 2
2
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DISCLAIMER
T!"# $%&'()* %($&%* "# +,*!&%(- ./ #*,-(* & 4 *! /(+% ,-(% *!( "( /(+% BBALLB H P%&6%+
" MATS L+ S)!&&9: R+"$,% T!( %($&%* "# $,%(9/ +)+-(") " +*,%( +- #!+99 &* .( *%(+*(- +#
+ 9(6+9 &% .,#"(## +-")( T!( "(# (;$%(##(- " *!"# %($&%* +%( $(%#&+9 *& *!( #*,-(* +- -&
&* %(9()* *!( "( & 9+ #)!&&9 &% +/ & "*# #*+ &% $(%#&(9 A99 *!( )&$/%"6!*# %(9+*"6 *&
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$(%"##"&
S!"+" J+"#+9
4*!Y(+%: MATS L+ #)!&&9: R+"$,%
3
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AC0NO1LED2EMENT
F"%#*9/: I + (;*%((9/ 6%+*(,9 *& A##* P%& S+/+*+" D+#: &% 6%+*"6 ( *!( &$$&%*,"*/ *&
+
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A$STRACT
T!( &.'()*"( & *!"# $%&'()* %($&%* "# ++9/(- +.&,* *!( )&)($* "*! *!( $%")"$9( & L"(
I#,%+)( I "*%&-,)*"& & *!"# $%&'()* %($&%* -(+9# "*! &,*9"(# & I#,%+)( "*! +%"&,# )+#(
9+# A*(% *!+* (;$9+"(- +.&,* *!( !"#*&%/ +- .+#") &.'()*"(# & *!( L"( I#,%+)( A)*: 15:!&((% "* (;$9+" *!+* " !+* +(% +- " !+* )"%),#*+)(# )+( "*& I-"+ F,%*!(% "*!
*!( !(9$ & )+#( 9+#: *!( +,*!&% +*# *& -(#)%".( *!( *!%(( *!"6# !")! ")9,-(# !+* +%( *!(
+*,%( & 9"( "#,%+)(: *!( %&9( & $%")"$9(# ,-(% *!( "#,%+)( +- " !+* +/ *!( )&*%+)* "#
&%(- "*!" *!( $,%"( & I-"+ C&*%+)* A)*: 1872
F,%*!(% I (;$9+"(- +.&,* *!( 9(6+9 $%&"#"& ,-(% *!( L"( I#,%+)( A)*: 15 " !")! !+(
6"( *!( &(%"( & *!"# +)* "*! "$&%*+* $%&"#"& A*(% *!+* *!( +,*!&% (;$9+"(- +.&,* *!(
+%"&,# +-+*+6( "*! )+#( 9+# !")! #+/# *!+* !& "* "# .(("*(- *& *!( $,.9"): $%"+*( +# (99
+# $,.9") #()*&% !")! $%& *!+* "#,%+)( "# + #&)"+9 -(")(
5
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RESEARCH METHODOLO23
I !+( +-&$*(- *!( &-( & $%"+%/ %(#(+%)! #&,%)( !(%( I !+( %((%((- #&( .&&
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CHAPTER4I
INTRODUCTION
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I #"$9( &%-#: "* (+# + +6%(((* " !")! &( $+%*/ +6%((# *& $+/ + 6"( #, &
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I#,%(%: *!( +&,* 6"( "# )+99(- P&9")/ A&,*: *!( $(%#& & !( 9"( *!( $+/(* "#
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)"-(%+*"& & *!( -,( $+/(* & + )(%*+" +,"*/ &% !"# 9"( )+9),9+*(- +))&%-"6 *& *!(
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-(+*! ./ +))"-(* &9/ &% *!( !+$$("6 & +/ )&*"6()/ -($(-(* ,$& !,+ 9"( +- +/
4M N M"#!%+: ?Law of Insurance@: E"6!*! E-"*"&: 2010: $1: C(*%+9 L+ A6()/: A99+!.+-
5F(-(%+*"& & I#,%+)( I#*"*,*(: M,.+"
6Dalby India and London Life Assurance Co!any "1854 15 CB 3513 AII ER45 S(( +9#&
#o!aratna $ ors LIC of India $ % ors:200 2A-! LD C R($&%*(%# 10= L+ F"-(% D&) I-
400314
7Jose!h Law Inte&rity Insurance Co!any "112 82 LJ187
8
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)&*%+)* !")! "# #,.'()* *& $+/(* & $%(", &% + *(% -($(-(* & !,+ 9"( +- #!+99 .(
-(((- *& ")9,-( *!( 6%+*"6 &
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& "#,%+)(= +,"*"(# ,$& !,+ 9"(=
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In )i/%t o! t%e abo&e de!initions t%e essentia) !eatues o! )i!e insuan-e 5-an be summed u.
as unde:
" I* "# + )&*%+)* %(9+*"6 *& !,+ 9"(
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""" T!( )&*%+)* $%&"-(# &% $+/(* & 9,$ #, &(/
" T!( +&,* "# $+"- +* *!( (;$"%+*"& & )(%*+" $(%"&- &% & -(+*! & *!( $(%#&
8A*+% S"6!: ?Law of Insurance, 2004: $41: E+#*(% B&&< C&$+/: L,)
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CHAPTER4II
HISTOR3 OF LIFE INSURANCE
T!( !"#*&%/ & 9"( "#,%+)( " I-"+ #*+%*(- +*(% *!( (#*+.9"#!(* & + B%"*"#! "%: " 1818
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,)*"&"6
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"#,%+)( .,#"(##
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#*+*"#*")+9 "&%+*"& +.&,* .&*! 9"( +- &9"( "#,%+)( .,#"(##(#
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$%&*()*"6 *!( "*(%(#*# & *!( "#,%"6 $,.9")
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!&9(= *!( ,-# *& .( -($9&/(- *& *!( .(#* +-+*+6( & *!( "(#*&%# +# (99 +# *!(
)&,"*/ +# + !&9(:
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CHAPTER4III
CONTRACT OF LIFE INSURANCE
A )&*%+)* & "#,%+)( "# + )&*%+)* ("*!(% *& "-("/ + $(%#& +6+"#* + 9# !")! +/ +%"#(
& *!( !+$$("6 & + ((* &% *& $+/ + #, & &(/ & *!( !+$$("6 & #&( &% +/ ((*
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*b+ Pin-i.)e o! Indemnit#
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*e+ A)eato# Conta-t
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CHAPTER4IV
FORMATION OF LIFE INSURANCE CONTRACT
L"
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)+#( & R+' N+%+" D+# M+!+$+*%+:14"* +# #(**9(- *!+* )+#!"6 & *!( )!(,( +# + +))($*+)(
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"# #,.'()*1
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.(( "##,(- 9")(#( ,-(% *!( I#,%+)( R(6,9+*&%/ +- D((9&$(* A,*!&%"*/17
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141881 7 C+9),**+ 54
15Chandulal I(T( Coissioner AIR 17 SC
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C&*%+)* A)*: 1882: )+ #*"99 .( + .((")"+%/ ,-(% + )&*%+)* & "#,%+)( M&%(&(%: + "&%# $%&$(%*/
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&(/
17T!( IRDA A)*: 1
18Liberty +ational Life Insurance Co eldon 157 A9.++ 100 S& 2-
19T!( I-"+ C&*%+)* A)*: 1882= S()*"& 23
16
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*!( )&,%* %(6+%-# "* "&%+9 &% &$$(- *& $,.9") $&9")/
I +orthern India Insurance Co!any ( -anhaya lal,%. *!( $&9")/ .()+( &"- .()+,#( *!(
"#,%(- )+,#(- !"# & -(+*! .(&%( *!( $&9")/ !+# .(( " (;"#*()( &% &( /(+%
*e+ Fee Consent o! Paties
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./ )&(%)"&: &% ,-,( "9,()( &% %+,- &% "#%($%(#(*+*"& &% "#*+
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CHAPTER4V
STATUTOR3 POSITION OF LIFE INSURANCE CORPORATION
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$,.9") T!( L"( I#,%+)( C&%$&%+*"& & I-"+ "# *!( 9+%6(#* "#,%+)( +- "(#*(* 6%&,$
&(- ./ I-"+ S*+*( "*! +##(*#: ,-# +- $&9")"(#
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T!( )(*%+9 6&(%(* +/ & *!( %()&(-+*"& & *!( )&%$&%+*"&: %(-,)( *!( )+$"*+9 & *!(
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TRANSFER OF SERVICES4
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+ *& )+%%/ & )+$"*+9 %(-($*"& .,#"(##: +,"*/ )(%*+" .,#"(## &% %("#,%+)( .,#"(##
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#,)! &*!(% .,#"(## +# .("6 )+%%"(- & ./ + #,.#"-"+%/ & + "#,%(% !( )&*%&99(-
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*!( $&(%# & *!( C&%$&%+*"&
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$%")"$9(#
PO1ER TO IMPOSE CONDITION
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C&%$&%+*"& +/ "$( #,)! )&-"*" +# "* +/ *!"< ()(##+%/ &% (;$(-"(* &% $%&*()*"6
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.(#* ,#( ./ *!( )&)(%
2 A/ -"%()*&% +$$&"*(- +# +&%(#+"- #!+99
+ !&9- &")( -,%"6 *!( $9(+#,%( & *!( C&%$&%+*"& +- +/ .( %(&(- &% #,.#*"*,*(- ./ +/
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. N&* "),% +/ &.9"6+*"& &% 9"+."9"*/ ./ %(+#& &9/ & !"# .("6 + -"%()*&% &% &% +/*!"6
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%(9+*"& *!(%(*&=
20
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) &* .( 9"+.9( *& %(*"%((* ./ %&*+*"& +- #!+99 &* .( *+
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#+"- .&&
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CHAPTER4VI
ADVANTA2ES OF LIFE INSURANCE
" Co&es Ris; o! Deat%:
U9"
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T!( $%&)(-,%( & #(**9((* & )9+"# "# (%/ #"$9( +- (+#/ A*(% *!( +
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CHAPTER4 VII
CONCLUSION
I#,%+)( )+ .( -(#)%".(- +# + #&)"+9 -(")( *& %(-,)( &% (9""+*( %"#< *& 9"( +- $%&$(%*/
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7/24/2019 InsuranceLIFE INSURANCE: CONCEPT, NATURE AND IMPORTANT PROVISON UNDER THE ACT
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REFRENCES