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INSURANCE LAW (Insurable Interest :star: (:silhouettes:Case: Macaura v…
INSURANCE LAW
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INTRODUCTION :<3:
Risk include fire, accident or theft, or to pay a fixed sum on the happening of certain event, such as death.
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In consideration of this promise, the insured promises to pay to the insurer a sum of money called ‘premium’.
One person ‘the insurer’ undertakes to indemnify another ‘the insured’ against a loss which may arise upon the occurrence of some event or to pay a certain definite sum of money on the occurrence of the particular event.
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Document issued by the insurer to the insured setting out the terms of the insurance contract is called ‘policy’ of insurance.
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Legal principles applying to the formation of a contract also governs the formation of an insurance contract
UBERRIMAE FIDEI :star:
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It follows that they should disclose all those facts that could influence the insurance company as to whether or not it will accept the risk
Failure to disclose material information gives the other party the right to regard the contract as void.
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Exemption Clause :star:
It is common for insurance contracts to contain exemption clauses to be exempted/excluded from some liability.
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