M.Com-M.Com Insurance Management LEGAL ASPECTS OF INSURANCE BUSINESS(Alagappa University - Directorate of Distance Education-2010)

DISTANCE EDUCATION
M.Com. (IM) DEGREE EXAMINATION, MAY 2010.
LEGAL ASPECTS OF INSURANCE BUSINESS
(Upto 2006 batch)
Time : Three hours    Maximum : 100 marks
SECTION A — (5 ´ 8  = 40 marks)
Answer any FIVE questions.
1.    Discuss the main elements of a contract.
2.    What are the essentials for a contract of guarantee?
3.    Write out any three differences between life insurance and general insurance.
4.    Discuss the procedures for registration of business under the Insurance Act 1938.
5.    Explain the functions of Life Insurance Corporation of India.
6.    Write about the establishment and composition of insurance regulatory and development authority.
7.    What are the remedies available for breach of contract?
8.    Differentiate between double insurance and reinsurance.
SECTION B — (4 ´ 15 = 60 marks)
Answer any FOUR questions.
9.    Distinguish between contract of indemnity and contract of guarantee.
10.  Discuss the various types of Life Insurance Policies.
11.  Discuss the powers and functions of IRDA.
12.  Discuss the main features of General Insurance (Nationalisation) Act 1973.
13.  Discuss the salient features of the Consumer Protection Act 1986.
14.  Describe the consequences of payment of claim by mistake.
15.  Explain the impact of privatisation of Insurance business in India.

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