Tough Questions Flashcards
If a claim is settled on a ‘new for old’ policy, how must the insured use the money?
Use the money for reinstatement, otherwise ordinary indemnity basis
In what contracts is the use of basis of contract clauses allowed?
Neither consumer or non-consumer
What must occur for there to be a statutory assignment?
A written notice of assignment must be given to the insurer at its place of business
If someone signs an insurance contract without reading the full details of the contract, what happens?
They are fully bound by the terms of the contract
What is the limitation period for personal injury?
3 years from the date of injury
What is the limitation period of a simple contract?
6 years
What is the limitation period of a deed or specialist contract?
12 years
To be legally valid as a statutory assignment, what must it be
Absolute
A gratuitous promise is contractually valid and binding on the promissor when…
In the form of a deed
What constitutes special damages
Those which have a tangible monetary value
What constitutes general damages
Damages the law will assume are related to the loss, eg pain and suffering
What is the burden of proof for an insurance claim
Balance of probabilities
The principal of equity is best described as?
An add on that addresses concerns not covered under common law
Which EU treaty created the common economic market and customs union?
The treaty of Rome
A general partner in a limited partnership has what liability?
Unlimited liability for the firms debts
