Insurance Law Flashcards
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?
Carter v Boehm per lord mansfield
which act illustrates the duty to make a fair representation of the risk?
insurance act 2015 section 3.
+consumer Insurance (Disclosure and Representations) act 2012
does it need to be money that is the result of an insurance claim?
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.
how much money can you claim from the financial ombudsman before the first of April 2019?
£160,000
how much money can you claim from the financial ombudsman after the first of April 2019?
£350,000
can the ombudsman make the insurance company pay more than the 350,000?
nope, so you either take the risk with your own lawyer and go for higher or try the ombudsman service
can you claim again after you have been awarded a sum of money?
Clark v In Focus Asset Management & Tax Solutions Ltd means that you cannot claim again, once you get 350 you cannot claim again.
which bodies does the insurer need to comply with?
the financial conduct authority
the prudential regulation authority
what DOES ICOBS STAND FOR?
Insurance Conduct of Business Sourcebook
for
can you have a claim without insurable interest. seen in?
seen in Harse v Pearl life Assurance Co. no, the contract will be void or illegal or unenforceable.
is it right that people should be able to go to court and have a wager enforced when they are betting on someones life?
if this were allowed then it would not be good so not allowed.
can you insure someone else’s person?
no I cannot. influence affairs so they can get a payout, so like to arrange the death of someone.
In Scotland, can you get your premium back if everything falls through?
law of unjustified enrichment. can be debated though on balance of good faith.
do you have an insurable intrest in your wife or spouse? child?
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.
financial relationship for insurable interest?
yes, creditor can insure life of debtor. could insure the money owed.
can you have an intrest if you own the property?
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.
when is an insurable interest point raised?
normally raised if the insurer objects to the insured claiming for the money.
what would ICOBS be used for?
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.
what is a cover note?
this is temprory insurance. it is a contract which will be superceded with a full contract. this can be oral.
do disclosure rules apply to cover notes?
yes they still apply.
case for cover notes?
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.
duration of the insurance policy. what is the case which illustrates where the insurer cancelled?
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.
can you pay the same in life insurance? or does it change?
this stays the same since you made the policy, the price cannot fluctuate,
when will the insurer not pay?
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.
