Insurance Law

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