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58397
Insurance Law
Description
Second Year Law Mind Map on Insurance Law, created by katy_mcbride12 on 26/04/2013.
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second year law
second year law
Mind Map by
katy_mcbride12
, updated more than 1 year ago
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Created by
katy_mcbride12
over 11 years ago
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Resource summary
Insurance Law
Life Assurance
Need insurable interest when contract is signed (Dalby v India &London Life Assurance Co)
Need to prove a financial interest or contractual relationship
Indemnity Insurance
Need to have interest at the time of loss (Arif v Excess Insurance)
Duty of utmost good faith as there is a superior knowledge of the insured (Carter v Boehm)
Duty of DIsclosure
DON'T disclose
1. Facts that diminish risk (The Dora)
2. Facts insurer knows or is presumed to know already ( Cohen Sons v Standard Marine
3, Not if information has been waived (Mann McNeal v General Marine)
DO DIsclose
1. Claims history, previous refusals and unspent criminal convictions for whole duration of cover
In Life Assurance: judegemnt of reasonable insured and material is objective
In Indemnity - judgement of reasonable insurer ( Life Assurance of Scotland v Foster)
Warranties
"Warranties as to true facts" Continue through policy
if in doubt, contra preferentem (Kennedy v Smith & Answar)
Warranties on past/present facts" Not for furtuer
Clause basis for contract can be every answer is warranty eg Dawsons v Bonnin
Need to have basis for belief (Macphee v Royal Insurance)
Assignation
Rights can be assigned as long as no contrary provision
Indemnity - may not have insurable interest
Need intimation
Assignee gets no better right (Scottish Equitable Life v Buist)
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