1. INTRODUCTION
The Insurance law provides business to get protection or cover against various kinds of risks (including risk of loss from fire, negligence, crime & risk of death of essential people working in the business) & spreads the risk of loss as well. Moreover, the insurance law consists of insurance policy which is a contract where one party (which is the insurer) agrees in return for a considered price to cover the other party (which is the insured) for loss from a specified event. In short, it is a contract whereby, for specified consideration, where one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards. (Paul Latimer, Australian Business Law, 33rd Edition)
DUTY OF DISCLOSURE UNDER THE COMMON LAW
In duty of disclosure under the common law, the insured party is under a duty of utmost good faith to disclose all the provided material facts but not to make any material misstatements at the pre-contractual stage of an agreement, which is before the establishment of a policy. However, any kind of breach to that duty would give the insurer the right to void the policy at the claim stage. Furthermore, the insured is under a further & continuing duty of utmost good faith to disclose material facts & information and avoid making material misrepresentations as long as the policy is valid. On the other hand, the insurer is equally bonded under both the pre-contractual & continuing duty of utmost good faith to disclose or not to misrepresent material facts to the insured. (Wei Song, The extent of the insured’s duty of disclosure, 2012, P.g. 14)
In common law the materiality test is known as the Prudent Insurer Test, which is referred to a fact is ...
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...es it would not have entered into the contract of insurance (as opposed to having to establish it would not have entered into a contract of insurance on any terms).
• At any point of time the insured sum can be altered (unless the contract has a surrender value or provides a death benefit – in which case it can only do so within three years).
• Moreover if the insurer chooses not to avoid policy or alter insured sum, it can affect the contract in such a way as to place the insurer in the position it would have been in if the non-disclosure or misrepresentation had not occurred.
However the above apply only if:
- Amendments can be done if the mentioned variations are consistent with what other reasonable and related insurers would have done in similar situation.
- Also this will not be applied to a contract which provides death benefits or has a surrender value.
According to the ASC 718-20-55-94: If modifications happen after the awards have become fully vested, the additional compensation costs should be recognized on modification dates.
The Virginia Supreme Court has held that “the assured stands in the relation of trustee to the insurer to the extent of the sum paid, and he cannot even release the right of action, nor the action itself, if one has been commenced, so as to defeat the claimant of the insurer to reimbursement from the wrongdoer for the injury.” Brighthope R. Co. v. Rogers, 76 Va. 443, 446-47 (1881); see also 16 Couch on Insurance §§ 224:113, 224:179 (3d ed. 2013). Here, the Plaintiff plainly lacked any authority to release the claims of its insurer as subgrogee, nor could any such purported release actually operate to the Plaintiff’s insurer’s prejudice, if the Defendant had notice of the Plaintiff’s Insurer’s subrogation rights. See Rogers, 76 Va. at 446-47. The prior settlement agreement between the Plaintiff and Defendant clearly conveyed such notice to the Defendant. Accordingly, even if the settlement of Plaintiff’s counterclaim in the mechanic’s lien action precluded the Plaintiff from raising the claims at issue here, the settlement could not similarly preclude the Plaintiff’s Insurer from raising the claims as Plaintiff’s subrogee. Therefore, the Defendant has failed to meet its burden to show that the Plaintiff’s claims are precluded and the motion for summary judgment should be denied. See Scales, 261 Va. at
Nonetheless, some professionals have acted negligently towards customers in the past. A special case that caused the Negligence law to develop was Jones v Kaney. This case caused immunity to be removed from expert witnesses across the United Kingdom. Expert witness is anyone “with knowledge of or experience in a particular field or discipline beyond that to be expected of a layman” according to (Pamplin and White, 2008); this includes computer professionals. Before looking into the Jones v Kaney case, it is worth reflecting at how expert witnesses were treated previously.
Can Morbid continue to account for the preneed funeral contracts as deposits, and recognize income in the year service is provided?
Given that it lies within the domain of equity, the case law indicates a great flexibility in its application, both in the substantive requirements of proof demanded by the courts and in the manner in which the courts will satisfy the equity. It is the first of these aspects of the doctrine that I will examine in this essay. I will look at the shift in the evidentiary requirements and what a representation (or an assurance of rights), a reliance (a change of position on the basis of that assurance) and a detriment (or unconscionable disadvantage) - the three pre-requisites for a successful claim - have come to mean with regard to case law and in particular the judgement of Judge Robert Walker in the Court of Appeal in Gillett v. Holt[1], in which the plaintiff had been given repeated assurances over many decades that he would inherit the defendant's estate, and remained in service to him at least p... ... middle of paper ... ... operty, 16th Ed, Butterworths K. Gray & S.F Gray - Land Law, 2nd Ed, Butterworths Professor Cedric D Bell - Land: The Law of Real Property, 3rd Ed, Old
Moreover, the premium also cannot be revoked due to illness or disease. However, in order to keep the policy in force, the insured must pay the insurer premium at a timely fashion.
Insurance is important because if you buy something and it ends up being lost then you can get it back and not waste your money on it. If you lose something and don’t get it back, then you just lost a bunch of money. This is also the relationship between insurance and successful financial management. You have to make sure you don’t lose money and save and plan.
The basic concept of insurance is the transfer of risk from one entity to another through certain conditions. Health insurance is no different, only the entities mentioned are consumer or the patient and the insurance company. In the health insurance concept, a premium is paid by the individual to the company for a year and the insurance company has to pay for the cost of healthcare for that individual. Hence the risk for the consumer is transferred to the insurance company.
Based on the information provided, our firm suggests the following actions for Mr. Campbell’s case. If Mr. Campbell were to accept Allied Insurances counteroffer at $400,000.00 no further action would be necessary, however if Mr. Campbell rejects the counteroffer, the decision would have to be settled in court by a jury. If John were to make a counteroffer of $600,000.00, it would be advantageous of Allied Insurance to accept this counteroffer.
For the contrary the loading change (fee to cover the incurred administrative expenses) can be expensive. Also, the insurance sometime fails to meet demand providing limited protection, this insurance shortage can lead to ineffective insurance regulations. As well as, for consumer with minimum loss experience, their premium will be high, because their probability of loss is high.
Claims submission. We will submit your claims and help you in any reasonable way possible to get your claims paid. If your insurance company needs you to provide certain information directly to them, it is your responsibility to do so. The balance of your claim is your responsibility whether your insurance company pays your claim or not. The contract you have with your insurance company regarding your benefits is between you and them. We are not party to that
Lisa’s insurance broker did not make sure she had the proper coverage to reduce her liability if something were to happen to the art gallery. Lisa’s insurance broker, Homer, broke his fiduciary duty to Lisa by not ensuring she had the proper coverage she needed; given that Lisa was responsible for the safekeeping of the artwork that was on consignment. Homer should have taken into consideration that nearly all her inventory, which was on consignment, would not be insured if a fire occurred. Nonetheless, Homer reassured Lisa that she was “well covered” with her policy when she should have had a policy where she would be covered for losses to artwork on consignment as well as fires that didn’t originate on her building
As a way of protecting the insured against extreme out-of-pocket costs, some policies include an out-of-pock...
"1- The name of the insured, or of some person who effects the insurance on his
According to Investopedia, an online business dictionary, life insurance is, “A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the processed and is thereby safeguarded from the financial impact of the death of the insured.” In other words, the goal of life insurance is to provide financial security for one’s family after one death. There are two categories life insurance policies fall under – temporary or permanent. Temporary policies provide coverage for a specified term while permanent policies are aimed to increase capital for the owner’s entire life.