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Introduction To Insurance Law Notes

LPC Law Notes > Insurance Law Notes

This is an extract of our Introduction To Insurance Law document, which we sell as part of our Insurance Law Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.

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Introduction to Insurance Law Abbreviation Index???

DUGF = Duty of the utmost good faith MIA = Marine Insurance Act 1906 SM = Subject matter UWs = Underwriters H of L = House of Lords Ct = Court

_______________________________________________________________________________ Core Principles of Insurance

1. A Speculation on a Risk Parties must define risk very precisely. 1) Fortuity - Must be a fortuitous event. 2) Contract of bona fide / utmost good faith, at least in context of commercial insurance. Incumbent on person wanting insurance to explain all risks to the UW so the UW can decide whether to underwrite. 3) Speculation - Distinguishes insurance from gambling because you must have an interest in what you are insuring. Contracts of pure speculation are gambling. Fact that most insurance is a concept of indemnity supports this - if you have a loss you must have an interest at the time of the event occurring which caused the loss.

2. A Contract 1) UK common law framework/principles apply to insurance contracts subject to England law; i.e. offer/acceptance, certainty, intention to create legal relations etc. 2) Specific rules developed within insurance - I.e. 'Condition' is a mere condition and has its own concept of warranty. 3) Private international law-London is massive centre of international risks so many insurance contracts have international dimension. Issues of applicable law/jurisdiction arise. An EEA framework applies there.
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