insurance Flashcards
reg of insurance
financial serves and markets act 2000 to ensure that insuranc ecompanies remain solvent
third partie at 2010 provides those with claims against an insolvent insured with a direct debit
financial sercices and markets act 2000 provides fund contributed by all
Scottish ambulance v northern assurance company
def od insurance it is a contract by which the insurer undertakes consideration of the payment of an estimated equivalent beforehand to make assured the loss he may sustain by the occurance of an uncertain contingency
the medical defence union v department of trade
def of insurance
contract of insurance hads 3 elements present
1. contract provide that the assured will become entitled to something on the occurance of some event
2. event must be one that involves the uncertain
3, the assured must have assurable interest in the subject matter of the contact
THE RIGHT BENEFIT MUST BE CERTAIN ENTITLESD TO SOMETHING BASED ON UNCERTAINTY LIFE POLICY TO COVER FINACIAL LOSS
constitution of an insurance contract
does nto need to be in writing unless marine insurance ac 1906
insurable interest
the insured have insurabke interest in the subject matter of the insurance
feasay v sun life assurance co of cannada
the law of insurable interest. owners of a stam ship had liability to members of bodily injury. taken out the risk. dod not want to pay out. is there insurable interest HELD OBlIGATIPN AGREED IN COMMERCIAL TERMS
LIFE ASSURANC ACT S.1
SHALL BE NULL AND OID TO ALL INTENTS AND PURPOSES IF THEY ARE NOT MADE FOR THERE TRUE INTENT
also imposes strict limits on those who can insure others
necessary to prove that the insured would not suffer direct financial loss in the event of death of the insured and the recovery would not exceeed the PECUNIARY INTEREST in the continuation of the life
other important stat for insurance
married womand policies of assurance s.1 1880
marine insurance s.5
macaura v northern assurance vo ltd
timber went up in flames no insurable interest NO CLAIM. lease companies assets individual owned all of company relationship needed to be in name of company not name of individual asets
cowan v jeffry associates
property owned by individuals damamged by fire individual stake holder party should have been insurance holder thus NO INSURABLE INTEREST
godsall v boldero
in the indemnity insurance the insurable interest must exist at the time of loss
there is some doubt as to whether an insurable interest must also exist at the time the contract is entere intobut seems probably likely
dalby v india and London life
life assurance the reuirement fro insurable interest is that it must exist at the time when the contract of insurance was made and not continue to exist at the time of the loss
indemnity principal def
the insured must prove not only the occurance of the insured peril bit that he has suffered in consequence a pecurniary loss over and above any excess
the sum insured rep the figure the insured can recover
chapman v pol
you must not run away with the notion that a policy of insurance enetiles a man to reciver acooirding to the amount rep and insured. HE CAN ONLY RECOVER THE REAL AND ACTUAL VALUE OF THE GOODS
Over insurance
will do the policyholder no good where the insured item is partially damaged the insurer will only be required to pay for the cost of repair where reoairs are not carried out the standard measure of indemnity is value of second hand value of object in its pre damaged condition replacement as new will cost more
