L101: Business Law

Assignment on

Law of Insurance

Date of Submission: April 18, 2022

Submitted by
Aasim Bin Bakr
ID: 101-28-012
Registration: 2019419310
Section: B
Batch: BBA 28

Submitted to
Dr. Md. Rahmat Ullah
Course Instructor
L101: Business Law
Professor & Dean
Faculty of Law
University of Dhaka
 Table of Contents

1. Introduction ............................................................................................................................................... 1
2. Definition of Insurance ............................................................................................................................. 1
3. Principles of insurance .............................................................................................................................. 2
Utmost Good Faith ............................................................................................................................. 2
Indemnity ........................................................................................................................................... 2
Insurable Interest ................................................................................................................................ 2
Causa Proxima ................................................................................................................................... 2
Risk Must Attach ............................................................................................................................... 2
Mitigation of Loss .............................................................................................................................. 3
Doctrine of Subrogation ..................................................................................................................... 3
Doctrine of Contribution .................................................................................................................... 3
Terms of Policy .................................................................................................................................. 3
4. Formation of an Insurance Company ........................................................................................................ 3
5. Classification of insurance ........................................................................................................................ 4
6. Types of Insurance Policies ...................................................................................................................... 5
Life Insurance: ................................................................................................................................... 5
Fire Insurance: ................................................................................................................................... 5
Marine Insurance: .............................................................................................................................. 6
7. Claims and mitigation: .............................................................................................................................. 6
8. Insurance Development and Regulatory Authority................................................................................... 7
9. Prospects and challenges of insurance business in Bangladesh ................................................................ 7
10. Conclusion .............................................................................................................................................. 8