Welcom team 8 Law Insurrence

WELCOM TEAM 8
INSURRANCE LAW
1. Nguyễn Văn Bằng
2. Hoàng Thu Bình
3. Nguyễn Văn Cảnh
4. Đinh Văn Cương


PRESENTATION


2 PART






Insurance law
Essential element of insurrance
Legal principles of inssurrance
IRDA act 1999
Duties, power, function of IRDA


INSURRANCE




It is Shifting of transferring of a risk of

loss or demange from owners and there
by sharing of losses by all members of
the group
a contract of insurrance is a contract by
which one party undertakes to make
good the loss of another in
consideration of some of money on the
happening of a specifed event. For eg:
Fire accident or Death


ESSENTIAL ELEMENT OF
INSURRANCE





Proposal or Offer
Acceptance
Communication
Consideration


LEGAL PRINCIPLES OF
INSURRANCE








Good faith ( uberrimae fide)
Insurable Interest
Principle of Indemnity
Risk
Mitigation of Loss
Contribution


LIFE
INSURRANCE


GENERAL INSURRANCE
POLICY


OTHER ISSUE
Reinsurrance
Double insurrance


IRDA ACT 1999


DUTIES, POWER,
FUNCTION OF IRDA








To regulate promote and ensure orderly
growth of Insurrance Bussiness
To mantain proper accounts and prepare
annual statement of accounts as
prescribed by central government.
to submit all financial statements to the
central Government within 9 month
from completion of financial year.
To Follow the direction issued by central
government.


DUTIES, POWER,
FUNCTION OF IRDA