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B LAW402 (43)

Insurance Review.doc

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Business Law
B LAW402
Elaine Geddes

Insurance 1. You should understand the nature of an insurance contract, what it is for, what it does, what it covers. 2. You should understand the major classes of insurance, what sorts of things can be insured and what sorts of events can be insured against. 3. You should understand the concept of insurable interest and what it means. You should understand how insurable interest is defined and where and why it is important. You should know how the Insurance Act defines insurable interest. 4. You should understand the concept of indemnity, and the implications that arise out of the principle of indemnity. 5. You should understand how life insurance differs from other forms of insurance both with respect to insurable interest and indemnity. 6. You should understand the effect that policy maximums, pre-agreed values, co-insurance clauses, deductibles and multiple policies have on indemnity. 7. You should understand subrogation and the rights and obligations that it imposes on insured and insurer. 8. You should understand the duty to defend, and the circumstances under which the duty to defend arises. 9. You should understand the duty of utmost good faith placed on an insured and its relationship to
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