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Operation Of The Insured Automobile

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Questions:

1.What issues should you consider when you discover the actual facts about the ownership and operation of the insured automobile?
 
2.ABC indicates that coverage will not apply as such an alarm system is one of its absolute requirements. Can ABC be forced to honour the claim? Explain why or why not.
 
3.What is the legal position of the Insurer?
 
4.Identify and explain five benefits of an insurer obtaining reinsurance to further spread their Financial Risk. 
 
 

Answers:

1.The issues which has to be considered in this case is that a false information has been provided by the clients in relation to the car. Section 652 of the Insurance Act provides that for the purpose of a formation of a contract of insurance it is necessary for the clients to provide all necessary facts related to the property which is being insured. Thus in this case the major issue is the actual owner in an adult who is not named in the insurance thus this leads to the concealment of material facts.

2.In the given case it was the duty of Mr. White to inform that there was no alarm system in place while the policy was been taken. However it is not a material fact which has been not disclosed by Mr. White. It was the duty of the insurer to ask Mr. White whether they had an alarm system or not. In such case Mr. White could not force the honor claim.

3.In the given case if the staff insurer would have notified the insured to start the repair work the insurer would have been liable to the claim. However as in this case there was no expressed or implied act which signified that the repair was allowed by the insurer a claim cannot be made

4.FIVE benefits of an insurer obtaining reinsurance to further spread their financial risk are

  • The liability of the insurer is limited through reinsurance to only the amount they wish to be liable for.
  • The amount which is desired by the proposer in excess to the limit can be transferred to another insurer
  • Great stability as the business becomes wide spread
  • Safeguards against significant effects of conflagration
  • Stabilizes loses and income in long run which ultimately results in the spreading of financial risks
 

Reference

Insurance Act 200

OR

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