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