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INSURANCE, HARANI A/P GANESAN 012020021525 - Coggle Diagram
INSURANCE
NATURE OF A CONTRACT
contract of insurance’ – contract wherein one person (the insurer) agrees to indemnify another person (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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Canning v Farquhar
in an insurance contract, the party taking out the insurance coverage is known as the ‘insured’ or ‘assured’ while the company who takes on the risk is known as the ‘insurer’
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Section 129(1), Financial Services Act 2013, provides for Schedule 9 to set out the pre-contractual duty of disclosure and representations and the remedies for misrepresentation relating to contracts of insurance
steps in obtaining a contract of insurance:
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EXEMPTION CLAUSES
it is common for insurance contracts to contain exemption clauses which seek to exempt the insurer from some liability which he would otherwise be under
if the insurer is so exempted from liability, he would not be liable under the insurance policy
see Tan Keng Hong & Anor v Fatimah binti Abdullah & Ors, Union Insurance (M) Sdn Bhd v Chan You Young
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CONDITION & WARRANTIES
Any representation made before a consumer insurance contract was entered into, varied or renewed shall not be converted into a warranty by means of any provision of the consumer insurance contract or of any terms of the variation or of any other contract, whether by declaring the representation to form the basis of the contract or otherwise – paragraph 10 of Schedule 9, Financial Services Act 2013
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