The rights of the parties are normally governed by the terms of the policy alone. Any other document which is not incorporated into the policy has, in general, no effect. But if the terms of another document have been incorporated, then they form part of the policy and must be read as one with it. […]
The form and contends of an insurance policy will vary according as to whether it is issued by an insurance company or whether it is a Lloyd’s form of policy. A. INSURANCE COMPANIES’ POLICIES 1. The form of the policy There are no restrictions as to form which a policy issued by an insurance company […]
All policies of insurance, whatever the kind of insurance to which they relate, may be classified in two ways: 1. According to the manner in which the subject-matter is described. 2. According to the amount recoverable in the event of loss. 1. According to the description of the subject-matter Two types of policy fall within […]
Policies may be classified according to the description of the subject-matter or according to the amount recoverable in the case of a loss. There are no restrictions on the form in which the policy is to be expressed, and the insurers are free to insert such terms in the policy as they think fit. Standard […]
The premium is the consideration which the insurers receive from the assured in exchange for their undertaking to pay the sum insured in the event insured against. Any consideration sufficient to support a simple contract may constitute the premium in a contract of insurance. Thus, in the case of mutual insurance association, the assured is, […]
In the discharge of his duty of disclosure, the assured is required to state accurately all the facts to which the duty applies, whether they are such as are material in themselves, or are shown by the asking of questions to be regarded as material by the insurer. Accuracy is equally required where the assured, […]
The assured is under a duty to disclose all material facts relating to the insurance which he proposes to effect. In addition, he must make no misrepresentation regarding such facts. Usually, however, these duties are modified by the terms of the contract. The burden of providing that there has been a breach of duty on […]
It is a fundamental principle of insurance law that the utmost good faith must be observed by each party. This rule was clearly stated by Lord Mansfield as long ago as 1766, when he said: ‘Insurance is a contract upon speculation. The special facts, upon which the contingent chance is to be computed, lie more […]
In some classes of insurance at Lloyd’s proposal forms are used. But in others a broker who is instructed to effect a Lloyd’s policy must prepare a ‘slip’, which is a document taking the place both of the proposal and of the cover note in other insurances. A. THE NATURE OF THE ‘SLIP’ On a […]
It is necessary to consider what constitutes an acceptance, the methods of acceptance, the methods of acceptance, the prohibition of discrimination on the grounds of sex or race. A. WHAT CONSITUTES AN ACCEPTANCE There cannot be an acceptance so long as the terms of the contract of insurance are still under discussion and the premium […]