Principles Of Insurance Law

Question 1

What are the sources of English law?

Answer 1

Parliament (primary - legislation, secondary - statutory regulations)
The Courts (judgements = common law)

Question 2

What are the three rules of interpretation when dealing with ambiguity in legislation?

Answer 2

Literal
Golden
Mischief

Question 3

Explain what ratio decidendi means

Answer 3

Per Cross and Harris, ‘the rule of law expressly or impliedly treated by the judge as a necessary step in reaching his conclusion, having regard to the line of reasoning adopted by him, or a necessary part of his direction to the jury’

Question 4

What do the Latin terms Ejusdem generis and Noscitur a sociis mean?

Answer 4

Of the same kind, and known by its associates

(In contract law the meaning of terms and phrases will be defined by the context in which they appear)

Question 5

How is the contra proferentem rule applied?

Answer 5

Against the party who put forward the word / term. It only applies where there is genuine ambiguity and the meaning can’t be resolved by applying other ordinary rules of construction or interpretation.

Question 6

What are the defences to strict liability for an escape during non-natural use of land?

Answer 6

Act of God
Act of a stranger
Default of claimant
Consent of claimant (including common benefit)
Statutory Authority

Question 7

What are the four regulatory objectives of the FCA?

Answer 7

1. Maintain market confidence
2. Promote public understanding
3. Secure the appropriate degree of protection for consumers
4. Reduce financial crime