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 […]
1. The purpose of the cover note A proposal is not necessarily accepted at once, since the insurance company may take time to consider it. If the proposal is submitted through an agent, the agent usually has no authority to accept it himself, but must forward it to the insurers in order that they may […]
Since the contract of insurance is constituted by the acceptance of an offer, it is necessary in the first instance to make certain that an offer has, in fact, been made which is capable of being accepted. A. WHAT CONSITUTES AN OFFER To constitute an offer capable of being accepted, the following conditions must be […]
To establish the existence of the contract it is not necessary that all its terms should have been separately agreed. As the contract is in common form, there is, as a rule no real negotiation of terms, the agreement being, on the part of the insurer, to issue, and, on the part of the proposer, […]
Insurance companies are governed by the companies Act 1985. In addition, they are affected by the Insurance Companies Act 1982. Part I of the Insurance Companies Act 1982 imposes restrictions on the carrying on of certain classes of insurance business. Part II, which applies to all insurance companies whether established within or outside the United […]
The subject of insurable is of great importance in the three leading branches of insurance, ie marine insurance, fire insurance and life insurance, and gives rise to many difficult questions. Similar questions no doubt, may, in theory, arise in the different branches of accident insurance. But in practice, they rarely do so, either because of […]