Arrange the following incidents in order of their occurrence (First to Last):
(A) Establishment of LIC
(B) Establishment of IRDA
(C) The Insurance Act
(D) FDI in Insurance Sector in India
Choose the correct answer from the options given below:
(A) Establishment of LIC
(B) Establishment of IRDA
(C) The Insurance Act
(D) FDI in Insurance Sector in India
Choose the correct answer from the options given below:
Show Hint
- (A), (B), (C), (D)
- (C), (A), (B), (D)
- (D), (A), (B), (C)
- (C), (B), (D), (A)
The Correct Option is B
Solution and Explanation
The chronological order is as follows:
- (C) The Insurance Act: Passed in 1938 to regulate the insurance industry
- (A) Establishment of LIC: Life Insurance Corporation was established in 1956
- (B) Establishment of IRDA: Insurance Regulatory and Development Authority came into existence in 1999
- (D) FDI in Insurance Sector: Foreign Direct Investment was allowed in the insurance sector much later.
Top Questions on Insurance Law and Accounts
The law of insurance, rooted in the general principles of contract law, is governed by doctrines distinctively evolved to reflect its aleatory nature. Insurance contracts are contracts uberrimae fidei. The insured is required to disclose all material facts that may influence the judgment of a prudent insurer. It must be noted that suppression of the truth is equivalent to the suggestion of falsehood. Unlike commutative contracts, insurance agreements are aleatory, where performance depends on uncertain events. The principle of indemnity ensures that the insured is restored to the financial position prior to loss, negating unjust enrichment. It is applicable in marine insurance, fire insurance, home insurance etc. However, in life insurance, the indemnity principle is relaxed due to its classification as a contingent contract, enforceable upon the assured event, not actual loss.
The doctrine of insurable interest is pivotal. It mandates that the insured must have a legally recognized interest in the subject matter at the time of loss or at inception in life insurance, failing which, the contract is void ab initio. Additionally, the principle of subrogation entitles the insurer, upon indemnification, to step into the shoes of the insured and recover from third parties. In the interpretation of insurance contracts, ambiguities are construed against the drafter, which is typically the insurer. Courts prioritize the reasonable expectations of the insured, provided there is no breach of disclosure duties.- TS LAWCET - 2025
- Legal Studies
- Insurance Law and Accounts
- An insurance contract is based on some basic principles of insurance, which of the following is against those principles?
- CUET (PG) - 2024
- Commerce
- Insurance Law and Accounts
- In reference to fire insurance following facts are given. Identify the correct statements.
(A) Fire insurance is a comprehensive policy which covers loss on account of fire, earthquake, riots, floods, strikes and malicious intent.
(B) Fire Insurance can be taken only by the owner of the premises to be insured.
(C) A tenant cannot insure rented premises but he can insure the contents of the premises.
(D) Fire insurance is compulsory if your house/flat is financed by a bank or any other financial institution.
Choose the correct answer from the options given below:- CUET (PG) - 2024
- Commerce
- Insurance Law and Accounts
Questions Asked in CUET PG exam
Match List-I with List-II\[\begin{array}{|c|c|} \hline \textbf{Provision} & \textbf{Case Law} \\ \hline \text{(A) Strict Liability} & \text{(1) Ryland v. Fletcher} \\ \hline \text{(B) Absolute Liability} & \text{(II) M.C. Mehta v. Union of India} \\ \hline \text{(C) Negligence} & \text{(III) Nicholas v. Marsland} \\ \hline \text{(D) Act of God} & \text{(IV) MCD v. Subhagwanti} \\ \hline \end{array}\]
- CUET (PG) - 2025
- Law of Torts
Match List-I with List-II\[\begin{array}{|c|c|} \hline \textbf{List-1} & \textbf{List-II} \\ \hline \text{(A) Hadley v. Baxendale} & \text{(1) Undue Influence} \\ \hline \text{(B) Henkel v. Pape} & \text{(II) Coercion} \\ \hline \text{(C) Manu Singh v. Umadat Pandey} & \text{(III) Quantum of Damages} \\ \hline \text{(D) Chikkam Amiraju v. Seshamma} & \text{(IV) Mistake} \\ \hline \end{array}\]
- CUET (PG) - 2025
- Contract Law
Match List-I with List-II
\[\begin{array}{|c|c|} \hline \textbf{List-1} & \textbf{List-II} \\ \hline \text{(A) Complete Justice} & \text{(I) Article 137} \\ \hline \text{(B) Special Leave Petition} & \text{(II) Article 131} \\ \hline \text{(C) Review of the Judgments} & \text{(III) Article 142} \\ \hline \text{(D) Original Jurisdiction} & \text{(IV) Article 136} \\ \hline \end{array}\]
- CUET (PG) - 2025
- Judicial Process
Match List-I with List-II
- CUET (PG) - 2025
- Indian Constitution
Match List-I with List-II
\[\begin{array}{|c|c|} \hline \textbf{List-1} & \textbf{List-II} \\ \hline \text{(A) Ram Jawaya Kapur v. State of Punjab} & \text{(I) Separation of powers} \\ \hline \text{(B) Delhi Laws Act, 1912} & \text{(II) Delegated legislation} \\ \hline \text{(C) Maneka Gandhi v. Union of India} & \text{(III) Doctrine of proportionality} \\ \hline \text{(D) Om Kumar v. Union of India} & \text{(IV) Post decisional hearing} \\ \hline \end{array}\]
- CUET (PG) - 2025
- Administrative Law