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Insurance Law :fire: (Common examples of insurance (Fire insurance,…
Insurance Law :fire:
Introduction
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The Insured
Loss is risk
Fire, Accident, Theft and Death
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2 types of insurance
Contingency Insurance
Involves payment on a contingent event and in which the sum paid is not measured by the loss but stated in the policy.
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2 Components
Insurable Interest
Insurable interest is an interest in the subject matter of a contract of insurance which provides the insured with the right to enforce the contract.
Uberrimae Fidei
Uberrimae fidei is applicable to describe a class of contracts in which one party has a preliminary duty to disclose material facts.
Material Facts
Section 147 (5)
“Material fact” means a matter or fact which, if known by the licensed life insurer, would have led to its refusal to issue a life policy to the policy owner or would have led it to impose terms less favorable to the policy owner than those imposed in the life policy.
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Condition and Warranties
When the insured commits a breach of condition or warranty, the insurer is entitled to disclaim liability.
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Exemption Clause
It is common for insurance contracts to contain exemption clauses to be exempted/excluded from some liability.
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