Insurance Flashcards
1
Q
Scottish Amicable v NAC
A
- contract, insurer takes consideration of payment of estimated equivalent
- make up loss to assured
2
Q
The Medical Defence Union Limited
A
- contract, 3 present elements:
- x entitled if y event occurs
- y event must involve uncertainty
- x must have insurable interest in subject-matter of contract (right to benefit must be certain)
3
Q
Department of Trade and Industry v St Christopher’s..
A
- “benefit”
- sum of money or equivalent service
- measurable in financial terms
4
Q
Digital Satellite Warranty Cover Ltd
A
- DWSC argued contracts were not regulated insurance contracts
- Held: they could be, therefore in breach of FSMA 2000
- selling warranty contracts for repair/replacement without authorisation
5
Q
Griffiths v Fleming
A
- assumption that insured has insurable interest in own life
6
Q
Wight v Brown
A
- assumption of insurable interest in life of spouse/civil partner
7
Q
Feasey v Sun Life Assurance
A
- insurable interest discovered from circumstances - no one definition
- subject of insurance ascertained by terms of policy
- insurable interest when contract entered and at time of loss (indemnity)
8
Q
Dalby
A
- insurable interest when contract entered but need not exist at time of loss
- policy valid at creation, still valid at death even when cancelled
9
Q
Macaura v Northern Assurance Co Ltd
A
- M, shareholder and unsecured creditor of company
- insurance policy for timber in own name
- no insurable interest
- creditor nor shareholder has insurable interest in assets of company
10
Q
*Cowan v Jeffrey Associates
A
- C shareholder and company director
- company owned heritable property
- C had no insurable interest in property at time loss occured
- insurable interest must exist at time of loss
(conclusion of missives is minimum requirement of II)
11
Q
Mitchell v Scottish Eagle Insurance Co.
A
- partnership - only II in partnership itself
- no individual interest of joint partners
12
Q
Fehilly
A
- ballroom lease
- tenant insurable interest only in relation to repair as subject in the condition in which lease provided
- did not cover full reinstatement of destroyed property
13
Q
Chapman v Pole
A
- insured can only recover real and actual value of goods
14
Q
Leppard v Excess Insurance Co Ltd
A
- indemnity > insured placed in same financial position as before loss
- recoverable only to market value as agreed when insurance
- claimed rebuilding = 8k, awarded and upheld 3k
- anything more than 3k would amount to profit
15
Q
Sprung v Royal Insurance
A
- insurers wrongfully declined pay out, later did
- claim from insured for compensation denied
- interest on late sums was sufficient compensation