Requirement of insurable interest for life insurance SharfaKhan1
The ppt aims to showcase the essentiality of a claim having a vested insurable interest and the features of insurable interest and the case laws relating to the same.
Requirement of insurable interest for life insurance SharfaKhan1
The ppt aims to showcase the essentiality of a claim having a vested insurable interest and the features of insurable interest and the case laws relating to the same.
Relation with Insurance law as a contingent contract. Whether Insurance law is a contingent contract or not? Yes obviously it is a contingent contract.
Estate of Shareholder of Dissolved Corporation Found Entitled to Proceeds of ...NationalUnderwriter
Estate of Shareholder of Dissolved Corporation Found Entitled to Proceeds of Life Insurance Policy on Former Employee (from FC&S Legal)
An intermediate appellate court in Illinois, affirming a trial court’s decision, has ruled that the estate of a shareholder of a dissolved corporation was entitled to the proceeds of a life insurance policy the corporation had taken out on the life of a former employee.
Insurable Interest An Elixir for the Enforcement of an Insurance Contactijtsrd
Insurable interest is in an inchoate right which is present for perfection in those who possess the right, however never perfected until all the legal requirements have necessarily been performed1. Insurable interest is sui juris and it is also peculiar in its operation as well as in its texture. Through this paper, the author has tried to examine the insurable interest in the various kinds of insurance contacts with the help of judicial pronouncements. This paper also provides analysis of the nature and scope of insurable interest. Saksham Kumar | Aranya Chatterjee "Insurable Interest: An Elixir for the Enforcement of an Insurance Contact" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31371.pdf Paper Url :https://www.ijtsrd.com/management/law-and-management/31371/insurable-interest-an-elixir-for-the-enforcement-of-an-insurance-contact/saksham-kumar
A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
Although no amount of money can bring back a loved one, the laws of the State of Florida do allow a survivor of a wrongful death to recover damages from an at fault party in a wrongful death lawsuit. Learn more about wrongful death damages in Florida in this presentation.
Relation with Insurance law as a contingent contract. Whether Insurance law is a contingent contract or not? Yes obviously it is a contingent contract.
Estate of Shareholder of Dissolved Corporation Found Entitled to Proceeds of ...NationalUnderwriter
Estate of Shareholder of Dissolved Corporation Found Entitled to Proceeds of Life Insurance Policy on Former Employee (from FC&S Legal)
An intermediate appellate court in Illinois, affirming a trial court’s decision, has ruled that the estate of a shareholder of a dissolved corporation was entitled to the proceeds of a life insurance policy the corporation had taken out on the life of a former employee.
Insurable Interest An Elixir for the Enforcement of an Insurance Contactijtsrd
Insurable interest is in an inchoate right which is present for perfection in those who possess the right, however never perfected until all the legal requirements have necessarily been performed1. Insurable interest is sui juris and it is also peculiar in its operation as well as in its texture. Through this paper, the author has tried to examine the insurable interest in the various kinds of insurance contacts with the help of judicial pronouncements. This paper also provides analysis of the nature and scope of insurable interest. Saksham Kumar | Aranya Chatterjee "Insurable Interest: An Elixir for the Enforcement of an Insurance Contact" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-4 , June 2020, URL: https://www.ijtsrd.com/papers/ijtsrd31371.pdf Paper Url :https://www.ijtsrd.com/management/law-and-management/31371/insurable-interest-an-elixir-for-the-enforcement-of-an-insurance-contact/saksham-kumar
A protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
Although no amount of money can bring back a loved one, the laws of the State of Florida do allow a survivor of a wrongful death to recover damages from an at fault party in a wrongful death lawsuit. Learn more about wrongful death damages in Florida in this presentation.
RMI 2301Principles of Risk & InsuranceAssignment #2Due.docxSUBHI7
RMI 2301
Principles of Risk & Insurance
Assignment #2
Due by 11:59 pm, Friday, April 28, 2017
John lives in an apartment building and his hobby is creating fireworks shows. He has limited storage in his apartment so he decided to store fireworks in his oven, which he typically does not use.
He forgets that he stored explosives there and programs his oven to go on at 6 pm so he can roast a turkey. Unfortunately, when the oven turns on the fireworks ignite and explode.
As a result of this, the following damage is sustained:
a. Fire and smoke damage to John's apartment of $100,000.
b. Damage to John's furniture and possessions of $25,000.
c. Damage to property in other units in the building of $500,000.
1. John's neighbors sue him. What is the most likely basis for their claim?
A. Criminal Behavior - Arson
B. Breach of Contract
C. Unintentional Tort - Negligence
2. John asserts several defenses. Which of these is likely to succeed?
A. He has no liability because there was a trespasser in the building and trespassers are only protected against intentional injury.
B. He wasn't negligent because storing fireworks in an oven is a reasonable thing to do and no one could have predicted the outcome.
C. The neighbors have fire insurance and they need to collect on that before making a claim against him.
D. He rents his apartment and the landlord has vicarious liability.
E. In a previous fireworks accident John suffered a traumatic brain injury that significantly impairs his judgment. He was previously declared mentally incompetent by a judge.
3. John's building is managed by Star Realty Group (they maintain the building but do not own it). The residents with damage also sue Star because the building staff delivered the fireworks to John's apartment and placed them in the oven, at his request. What type of insurance would indemnify Star for losses related to these lawsuits?
A. Fire insurance
B. Commercial General Liability Insurance
C. Errors and Omissions Insurance
D. Directors and Officers Insurance
4. One of the neighbors with damage is Mary. She sustained $50,000 of damage but also received a $50,000 payment from her property insurance policy for the damage. She filed a $50,000 lawsuit against John. Which of the following is true?
A. Under the Collateral Source Rule the insurer is entitled to any award Mary receives from her lawsuit against John.
B. John will likely be relieved of any liability to Mary because the Collateral Source Rule says she can't collect twice.
C. The Collateral Source Rule says that John's obligation to Mary is independent of any collection she receives from her insurer.
D. Because Mary filed two claims for the same loss neither one is collectible
Raymond is a stockbroker who regularly meets with clients and prospective clients. He scheduled a meeting with Jane to discuss her financial position and the possibility of managing some of her investments. He offered to ...
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2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
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Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
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Insurance 2 written
1. Hj Din entered into a contract with Jaya Insurance for a personal accident
insurance policy cover worth RM100 000. The policy guaranteed payment in
the event of injury or death of the insured arising from an accident.
On1.4.2006, he heard cries for help. A neighbour’s house was on fire. Hj Din
grabbed a pail of water to put out the fire. On his third trip, he stumbled on the
uneven ground and fell down. His head struck the floor and he died. The
autopsy report revealed that the cause of death was a heart attack. Hj Din’s
widow, Fatimah, submitted the claim to Jaya Insurance. It refused to honour
the claim and referred to the exclusion clause. It read as follows:
Once an eligible individual has been accepted under the Jaya Personal
Accident Insurance plan, his coverage will not be effective for the following:
1. War or acts of war
2. Self inflicted injuries
3. Insanity
4. Suicide
5. Disease/infection
6. Intoxication (by alcohol or drugs)
7. Hazardous sports
This plan excludes coverage for death, permanent disablement or medical
expenses due to injury resulting directly or indirectly from the above
mentioned list. Accidents arising from the above mentioned list are not
convered and the insurer is not liable to pay.
Pn Fatimah decided to sue Jaya Insurance. You are the magistrate hearing
this claim brought by Pn Fatimah in her capacity as the administrator of her
husband’s estate.
State the grounds of your decision.
2. The first issue is whether Fatimah as the administrator of Hj Din’s
estate has the capacity to claim from Jaya Insurance. The general rule to
claim is that the right to claim exists upon the occurrence of the insured even.
Only a proper claimant can make a claim. Section 44(5) of the Insurance Act
states that proper claimant includes executor, widower/widow, parents, child,
brother, sister, nephew and niece. Next, section 167(2) of the Insurance Act
states that muslim nominee who receives policy money as executor and must
distribute the money in accordance with Islamic Law which is also known as
Faraid principles. In applying this to Fatimah’s situation, since Fatimah is the
widow of Haji Din and also the executor of his estate, she has the capacity to
bring this case to the court and claim for the policy money. Also taken into
account is her religion. Since Fatimah and Haji Din are both muslims, they are
also governed by section 167(2). Therefore, the policy money claimed by
Fatimah must then be distributed in accordance with Islamic law.
Moving on to the second issue of whether Fatimah can prove that the
death of Haji Din does not fall under the exclusion clause. It is not sufficient, in
order that an insured should recover for a loss, that the loss falls within the
cover provided as a matter of construction or definition. He must also show
that the loss was proximately cause by an insured peril. The proximate cause
does not, however, mean the last cause but the effective, dominant or real
cause. In accident cases where there are two or more cass, the relevant case
is Winspear v Accident Insurance1
where the insured had a personal accident
policy which covered death by accidental, external and visible means. It
excluded death from existing illness. In this case, the insured had a fit which
was not covered by the insurance policy and fell down while crossing a
shallow river which was an insured peril. It was held that the drowning was the
proximate cause of the death and not the fit. Proximate cause is definied as
the real, dominant and sufficient cause of loss.
1 Birds ‘ Modern Insurance Law. Determining the proximate cause. Page 250
3. The next relevant case is the case of Amanah Raya (estate of Devia
Nathan) v Jerneh Insurance. In this case, there was a claim for RM122 000
arising from personal accident insurance policy. The policy guaranteed
payment in the event that an injury or death occurred from an accident except
where exclusion clause applied. The deceased died after he tried to put out
fire at his neighbour’s house. The cause of death was a heart attack suffered
by the deceased. The exclusion clause in this policy is the death caused by
disease or infection. The court held that the heart attack suffered by the
deceased is a mere link in the chain initiated dominantly and effectively by the
fall. The accident is therefore the proximate cause of his death.
In the case of Leyland Shipping Co Ltd v Norwich Union Fire Insurance
Society Ltd2
states that even where there is an exception relating to disease,
it is inapplicable where the death or disablement, though ultimately was
caused by the disease, is nevertheless proximately caused by accident, the
disease being merely a link in the chain initiated dominantly and effectively by
the accident. In Jason v Batten3
, the policy provided benefits to the insured if
he sustained in any bodily injury resulting in and being independently of all
other causes, the exclusive, direct and immediate cause of the injury. There
was an exception in respect of death, injury or disablement directly or
indirectly caused by or arising or resulting from any physical defect or infirmity
that existed prior to the accident. It was held that the loss fall within the
exception because the insured suffered coronary thrombosis even before the
accident. Therefore, the insurer is not liable.
In applying this to Fatimah’s current situation regarding her husband’s
estate, it can be seen that the proximate cause of the death of Haji Din was
caused by the fall on the uneven ground. Without the fall, Haji Din would not
have gotten a heart attack which had caused him to die. The heart attack did
not cause him to fall. In fact, it was the other way round where the fall had
caused Haji Din to get the heart attack. Therefore, Jaya Insurance is liable
and must pay to Fatimah.
2 Birds’ Modern Insurance Law. Detemining the proximate cause. Page 249
3 Birds’ Modern Insurance law. Page 251
4. LAW 478
INSURANCE LAW AND PRACTICE II
PREPARED BY: RABIEKA ALIYA RUSLAN
2010111351
LWBO6A
PREPARED FOR: PM RAMLAH MOHD NOH