Insurance Law

Question 1

in which case was it founded that there should be a general obligation of good faith for the receiver of insurance to disclose all relevant material to the insurer?

Answer 1

Carter v Boehm per lord mansfield

Question 2

which act illustrates the duty to make a fair representation of the risk?

Answer 2

insurance act 2015 section 3.

+consumer Insurance (Disclosure and Representations) act 2012

Question 3

does it need to be money that is the result of an insurance claim?

Answer 3

no, a service was provided and this was classed as insurance. seen in the case of Prudential Insurance Co v Inland Revenue Commissioners (1904) therefore full regulatory force applied to this case. also reparing something does not avoid the term of insurance.

Question 4

how much money can you claim from the financial ombudsman before the first of April 2019?

Answer 4

£160,000

Question 5

how much money can you claim from the financial ombudsman after the first of April 2019?

Answer 5

£350,000

Question 6

can the ombudsman make the insurance company pay more than the 350,000?

Answer 6

nope, so you either take the risk with your own lawyer and go for higher or try the ombudsman service

Question 7

can you claim again after you have been awarded a sum of money?

Answer 7

Clark v In Focus Asset Management & Tax Solutions Ltd means that you cannot claim again, once you get 350 you cannot claim again.

Question 8

which bodies does the insurer need to comply with?

Answer 8

the financial conduct authority

the prudential regulation authority

Question 9

what DOES ICOBS STAND FOR?

Answer 9

Insurance Conduct of Business Sourcebook

for

Question 10

can you have a claim without insurable interest. seen in?

Answer 10

seen in Harse v Pearl life Assurance Co. no, the contract will be void or illegal or unenforceable.

Question 11

is it right that people should be able to go to court and have a wager enforced when they are betting on someones life?

Answer 11

if this were allowed then it would not be good so not allowed.

Question 12

can you insure someone else’s person?

Answer 12

no I cannot. influence affairs so they can get a payout, so like to arrange the death of someone.

Question 13

In Scotland, can you get your premium back if everything falls through?

Answer 13

law of unjustified enrichment. can be debated though on balance of good faith.

Question 14

do you have an insurable intrest in your wife or spouse? child?

Answer 14

Griffiths v fleming. yes you do have an insurable interest here, however not in cohabitee.
no intrest in your child however child to parent yes. family law scotland act 1985
parent has none in their child.

Question 15

financial relationship for insurable interest?

Answer 15

yes, creditor can insure life of debtor. could insure the money owed.

Question 16

can you have an intrest if you own the property?

Answer 16

yes if you own it but no if you do not own the property. there is the exception that if you are at risk for certain property then you have an insurable intrest here. any legal liablity is sufficient delictual, contractual, e,g you are liable for these things. loss for damage to the property that you will be liable for then you have insurable intrest as this is a financial interest.
can only have intrest in the thing which you have posession over and that stipulates in the contract.

Question 17

when is an insurable interest point raised?

Answer 17

normally raised if the insurer objects to the insured claiming for the money.

Question 18

what would ICOBS be used for?

Answer 18

ICOBS allows for cancellation rights.ICOBS outlines high-level standards that apply to all non-investment insurance product sales (general insurance and protection policies)

ICOBS gives general rights, gives 14 days from the date of conclusion of the contract a right to cancel the contract. notice of this is effective on the day they send it. insurer must pay within 30 days.

Question 19

what is a cover note?

Answer 19

this is temprory insurance. it is a contract which will be superceded with a full contract. this can be oral.

Question 20

do disclosure rules apply to cover notes?

Answer 20

yes they still apply.

Question 21

case for cover notes?

Answer 21

taylor v allon - he was not insured as the cover note expired. policy expired by gav 15 days more of cover but he was arrested on the 15th day.

Question 22

duration of the insurance policy. what is the case which illustrates where the insurer cancelled?

Answer 22

through the terms of the contract including the right of the insurer to cancel the policy.most likely will need notice.
Sun Fire Office v Hart (1889) insurance company pulled out of the contract, said that the cancellation was valid.

Question 23

can you pay the same in life insurance? or does it change?

Answer 23

this stays the same since you made the policy, the price cannot fluctuate,

Question 24

when will the insurer not pay?

Answer 24

if the matter is not covered in the insurance. if there there is no insurable interest, public policy issue at hand (taken their own life), if the claim is void at the beginning. unlawful use of property such as going on a boat that is not yours.

Question 25

what if a term is unfair in the contract?

Answer 25

consumer rights act 2015

-unfair term is not binding on the consumer. e.g significant imballance to the insurer.

Question 26

can you avoid the contract if good faith has not been followed?

Answer 26

no, s14 Insurance act.

Question 27

which act shows insurable intrest and that gaming on someones life is not good?
partial intrest?
insurable intrest at the time?

Answer 27

marine insurance act. S4

Question 28

what i a warranty? where is this found?

Answer 28

marine insurance act s33. shal or shall not be done.