tailieunhanh - Lecture Fundamentals of business law (7/e): Chapter 11 - M.L Barron

Chapter 11 - Insurance law. At the end of this chapter you should understand: how a contract of insurance is made, the term ‘cover note’, the concept of insurable interest at common law and how it has been modified by the Insurance Contracts Act 1984 (Cwlth),. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Insurance law Chapter 11 Learning objectives At the end of this chapter you should understand: how a contract of insurance is made the term ‘cover note’ the concept of insurable interest at common law and how it has been modified by the Insurance Contracts Act 1984 (Cwlth) the concept of indemnity and its operation in contracts of insurance the doctrine of disclosure and the matters that the insured is obliged to disclose in a proposal form the operation of the doctrines of subrogation and proximate cause Learning objectives (cont.) the operation of the doctrine of privity of contract to contracts of insurance the various classes of insurance contracts how insurance contracts are renewed and cancelled the role of insurance agents and brokers the appropriate insurance cover for business operators. Introduction Insurance law is concerned with the relationship between two persons. One person (the insurer) agrees to compensate or indemnify the other (the insured) for any loss sustained on the happening of a particular event. Insurance is regulated by common law and legislation. Relevant federal legislation includes: Insurance Contracts Act 1984 Life Insurance Act 1995 General Insurance Reform Act 2001 The contract of insurance Premium (consideration) Insurer Insured/assured (proponent) Promise of payment by the insurer The proposal is the offer. The policy is evidence of the contract. Cover notes A form of interim insurance Contract requiring payment whether proposal accepted or rejected Contract for interim insurance for up to 1 month Prudential regulation of the insurance industry Insurance is also defined as a financial product under the Corporations Act 2001 and the insurance market is regulated by ASIC. The Australian Prudential Regulation Authority (APRA) took over the role of the Superannuation Commissioner in July 1998. Prudential regulator of banks, insurance companies . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Insurance law Chapter 11 Learning objectives At the end of this chapter you should understand: how a contract of insurance is made the term ‘cover note’ the concept of insurable interest at common law and how it has been modified by the Insurance Contracts Act 1984 (Cwlth) the concept of indemnity and its operation in contracts of insurance the doctrine of disclosure and the matters that the insured is obliged to disclose in a proposal form the operation of the doctrines of subrogation and proximate cause Learning objectives (cont.) the operation of the doctrine of privity of contract to contracts of insurance the various classes of insurance contracts how insurance contracts are renewed and cancelled the role of insurance agents and brokers the appropriate insurance cover for business operators. Introduction Insurance law is concerned with the relationship between two persons. One person (the .

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