Please enable JavaScript.
Coggle requires JavaScript to display documents.
FORMATION OF CONTRACTS (INSURABLE INTEREST - THE LEGAL RIGHT TO INSURE …
FORMATION OF CONTRACTS
INSURABLE INTEREST - THE LEGAL RIGHT TO INSURE ARISING OUT OF A FINANCIAL RELATIONSHIP RECOGNIZED AT LAW BETWEEN THE INSURED AND THE SUBJECT MATTER OF INSURANCE
-
ELEMENT
-
-
SUBJECT MATTER
PROPERTY, INSURING NOT THE PROPERTY BUT THE INTEREST OF PROPERTY
-
-
SOMETHING INTANGIBLE - DEBT, LIFE, MATERIAL PROPERTY
-
-
-
-
UTMOST GOOD FAITH - THE INSURER AND THE PERSON THAT APPLYING FOR INSURANCE HAVE A DUTY TO DEAL WITH HONESTLY AND OPENLY WITH EACH OTHER IN THE NEGOTIATIONS THAT LED UP TO FORMATION OF CONTRACT.
DUTIES
-
DUTY TO DISCLOSE ALL MATERIAL FACTS RELATING TO THE CONTRACT - DUTY NOT TO CONCEAL ANYTHING THAT IS RELEVANT
MISREPRESENTATION - IS A FALSE STATEMENT OF FACT THAT INDUCES THE OTHER PARTY TO ENTER INTO THE CONTRACT
-
NEGLIGENCE
STATEMENT IS FALSE BECAUSE THE PERSON MAKING IT DID NOT TAKE SUFFICIENT CARE TO CHECK THAT IT WAS CORRECT
-
-
GENERAL PRINCIPLES
OFFER AND ACCEPTANCE - INSURANCE TAKAFUL MAY OFFER A COVER AND THE CUSTOMER ACCEPT THE OFFER, CUSTOMER MAY OFFER BY SUBMITTING PROPOSAL FORM AND THE COMPANY MAY BE ACCEPT THE OFFER
-
-
-
INVITATION TO TREAT
BROCHURE AND RENEWAL NOTICE IS LIKELY TO BE REGARDED AS MERELY INVITATION TO TREAT TO ENTER NEGOTIATIONS
-
-
-
WRITING, ORALLY OR CONDUCT
-
-
ELEMENT OF CONTRACT
CONSIDERATION
SOME RIGHT, INTEREST AND PROFIT
-
-
-
-
-
-
-
-
-
-
-
INDEMNITY - A FINANCIAL COMPENSATION FOR A LOSS WHICH INSURED HAS SUFFERED AND PUT THEM IN THE SAME POSITION AFTER THE LOSS AS THEY ENJOYED IMMEDIATELY BEFORE IT
-
-
-
SUBROGATION - THE RIGHT OF ONE PERSON HAVING INDEMNIFIED ANOTHER UNDER A LEGAL OBLIGATION TO DO SO TO STAND IN THE PLACE OF THAT OTHER AND AVAIL HIMSELF OF ALL THE RIGHTS AND REMEDIES OF THAT OTHERS WETHER ALREADY ENFORCED OR NOT
CONTRIBUTION - THE RIGHT OF AN INSURER TO CALL UPON OTHERS SIMILARLY BUT NOT NECESSARILY EQUALLY LIABLE TO THE SAME INSURED TO SHARE THE COST OF AN INDEMNITY PAYMENT
-
BASIS
MAXIMUM LIABILITY METHOD - THE LOSS IS SHARED BY THE INSURERS IN THE PRORPORTION TO THE MAX AMOUNT OF COVER THAT IS AVAILABLE UNDER EACH POLICY. EX PROPERTY INSURANCE, EQUIVALENT IN SUM INSURED
INDEPENDENT LIABILITY METHOD - THE LIABILITY OF EACH INSURER FOR THE PARTICULAR LOSS WHICH HAS OCCURED IS ASSESSED AS THOUGH ITS POLICY WERE THE ONLY ONE IN FORCE. THE FIGURE THAT RESULT IN EACH CASE REPRESENTS THE INDEPENDENT LIABILITY OF THE INSURER FOR THE LOSS. THE LOSS IS SHARED IN THE PROPORTION TO THE INDEPENDENT LIABILITIES OF 2 INSURER