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QLLM138 General Principles of Insurance Law (Sem 1)

Module Description

This module deals with the law of insurance. It will look at, among other things, the definition of an insurance contract, the formation of the contract (including the duty of disclosure and the insurable interest), the terms of the contract (construing the terms), claims (including causation), subrogation and contribution.

Module Topics

  • Introduction: the purpose of insurance, types of insurance, the legal and regulatory issues
  • What is an insurance contract?
  • Utmost good faith I: the doctrine, its origins and development, materiality, influence, inducement
  • Utmost good faith II: ambit of insured’s duty (moral hazard, physical hazard); agent’s duty; composite insurance; limits of duty; duration of duty; scope of insurer’s duty Misrepresentation: misrepresentation. Waiver, affirmation, estoppel Reform: Law Commission inquiry: Consumer Insurance (Disclosure & Representations) Act
  • Intermediaries: relationship with insured and insurer; liability of intermediary
  • Formation of contract: law and practice
  • Insurable interest
  • Terms
  • Claims I: causation (proximate cause, express terms, multiple causes, deliberate action of insured
  • Claims II: procedure (claims terms, utmost good faith, fraud, conditions precedent to recovery), measurement (indemnity, under-insurance, excess, double insurance, damages), reinstatement
  • Subrogation

Prerequisites

None

Applicable Groupings

Mode of Assessment

2.15 hour written examination

Credits

22.5 Credits

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