3.1 Principles of Insurance Law: Statute and Duties Flashcards Preview

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Flashcards in 3.1 Principles of Insurance Law: Statute and Duties Deck (130)
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1

What part of CL position on fraudulent claims did IA confirm

Prior legit claims stand - not void ab initio

2

Prior insurers (case)

Joseph Fielding v Aviva

3

What is a 'fortuity'

Event which triggers the policy is uncertain

4

Three kinds of qualifying breach under IA

Deliberate, reckless or neither

5

Under CL, what happens if fraudulent claim

Forfeit whole claim, but unclear on if policy continued

6

Remedy for careless MR under CI(DR)A

Compensatory - what insurer would have done if had answered truthfully

7

If fraudulent device does not improve entitlement to payout, this does not taint the claim (case)

Versloot v HDI

8

Does DoUGF under 17 MIA still apply under IA?

Yes

9

Is it necessary, to breach 20 MIA, that D be asked a Q to which they gave material rep, or actually answer?

No - D can volunteer MR or omit answer

10

What part of IA can no party contract out of

Basis of C clause

11

Form of CoI usually

Written

12

How many material terms are there for CoI

4

13

How is a company deemed to have knowledge of circumstances under IA

Imputed knowledge (4(3))

14

Before when does MIA apply

12/08/2016

15

Channell J in Prudential v IRC - what did he give?

Definition of CoI

16

3 points DoUGF (case)

The Star Sea

17

Castellain v Preston key

N/A profit

18

Two ways for insurer to accept insurance offer of insured

Accept premium or stamp slip

19

When can insurer keep premium for breach of DoUGF under 17 MIA

If fraudulent non-disclosure

20

From when does IA apply

12/08/2016

21

Three ways in which CoI may be illegal

No insurable interest, achieves illegal purpose or subject matter is illegal

22

What is an insurable interest

Ensures that individual suffers loss to claim - if no, void

23

Collateral lie (Case)

Versloot

24

17 MIA codifies what

Duty of utmost GF

25

From when do you judge materiality for MIA, and under what case

At time of placement, per Brotherton v Aseguradora

26

What case suggested position is the same for fraudulent claims at CL or under IA

Versloot

27

When is there no O to disclose material circumstances under 18 MIA

If known by insurer, common knowledge, insurer waived, decreases risk, or conviction spent

28

What is FMR

Statement knowingly or recklessly made

29

Is there a specific definition of CoI?

No

30

When is there doubt on right to void ab initio under 17 MIA

Where there has been a post-contractual breach