The insurable interest doctrine

The Vice-Chancellor was dealing with a subsequent application by Trustor for summary judgment against Mr Smallbone himself. It may be either express or implied. A wife may insure the life of her husband, and a father may insure the life of a minor child, because there is a sufficient pecuniary relationship between them to establish an insurable interest.

India and London Life Insurance Co. The influence of the code may be seen, for example, in the matter of third-party liability, in which the burden of proof may be upon the defendant rather than upon the plaintiff. Note that under Benin custom, where there is a Will, the maker of the Will cannot devise the House where he lived and died to any person other than his eldest son.

The court would, however, pierce the corporate veil only so far as it was necessary in order to provide a remedy for the particular wrong which those controlling the company had done. In investments, states limit the types and quality of securities in which insurers may invest their assets.

This contention, which has been repeated before us, raises a question of some importance. A Trustee is not liable for any loss occasioned by his or their act or omission provided that he or they acted in good faith. The truth is that in the case of a trading company incurring and discharging large liabilities in the ordinary course of business, a court of family jurisdiction is not in a position to conduct the kind of notional liquidation attended by detailed internal investigation and wide publicity which would be necessary to establish what its liabilities are.

Policyholders must select the EFT payment method and authorize payments in advance to use this system to pay their bills. Insurable interest Closely associated with the above legal principles is that of insurable interest.

Audits An audit is an accounting report that verifies information upon which the price of certain types of policies are based. If it had not been, there would have been no receipt, knowing or otherwise, and therefore no claim to be evaded.

The House of Lords held that only the company as the separate legal owner of the property, and not the plaintiff, had the required insurable interest.

It follows that the piercing of the corporate veil cannot be justified in this case by reference to any general principle of law. We all also know that wagering is illegal in India and against to the norms of society or in short wagering is against public policy and distinction between a insurance and a wager is that a insurance is properly speaking a contract to indemnify the insured in respect of some interest which he has against perils which he contemplates it will be liable to.

Rates are calculated in the following way. There are basically two types of insurable interest: Like the use or driving of a motor vehicle in a public place is sufficient insurable interest for the purpose of effecting insurance in the favor of the third party.

Browse Terms starting with I

Where assets belong to a company owned by one party to the marriage, the proper claims of the other can ordinarily be satisfied by directing the transfer of the shares.Economic Loss Doctrine.

Intermediate Rule. Property damage to a defective product alone, which results from a sudden calamitous event attributable to the dangerous defect or design of the product itself, is recoverable under a strict liability cause of action. Our insurance terms glossary is divided alphabetically by insurance terms in a quick reference guide to assist understanding the language commonly used by.

Minnesota Society of Certified Public Accountants. West 82nd Street, Ste Bloomington MN Ph: Fax: Home > Judgments > archive. Prest v Petrodel Resources Limited and others [] UKSC Appeal to the Supreme Court by a wife concerning properties vested in several companies and whether they could be treated in ancillary relief proceedings as beneficially belonging to the husband.

Insurable Interest means an interest which can be or is protected by a contract of insurance. This interest is considered as a form of property in the contemplation of law.

Here is the list of words starting with Letter I in

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The insurable interest doctrine
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