Exam (elaborations)

LML4805-Insurance Law EXAM PACK 2022.

2 purchases

Course
LML4805 - Insurance Law (LML4805)

Institution
University Of South Africa

LML4805-Insurance Law EXAM PACK 2022. DEFINITIONS Distinguish (in a single sentence, where possible, and with theaid of examples, where necessary) between: QUESTION 1: The insured and the person concluding the insurance contractwith the insurer  the person taking out the insurance (ie, the...

[Show more]

Preview 4 out of 196 pages

View example

Uploaded on September 6, 2022
Number of pages 196
Written in 2022/2023
Type Exam (elaborations)
Contains Questions & answers

lml4805 exam pack 2022
lml4805 exam pack
lml4805 exam 2022
lml4805 insurance law exam pack 2022
lml4805 insurance law exam pack
lml4805 insurance law exam 2022
lml4805 insurance law exam

DoctorReinhad Member since 3 year 1928 documents sold

113

LML4805 EXAM PACK 2022

written by

StudyScene

www.stuvia.com

Downloaded by: gbuthelezi1 |
Distribution of this document is illegal

, Stuvia.com - The study-notes marketplace

LML4805

EXAM PACK

Downloaded by: gbuthelezi1 |
Distribution of this document is illegal

, Stuvia.com - The study-notes marketplace

EXAM PACK

DEFINITIONS

Distinguish (in a single sentence, where possible, and with theaid of
examples, where necessary) between:

QUESTION 1:
The insured and the person concluding the insurance contract with
the insurer
 the person taking out the insurance (ie, the person
concluding the contract with the insurer) A may insure his
or her own interest in his or her own house. A may insure
his or her own interest in B’s house. A may insure B’s
interest in his or her own (A’s) house, or in B’s house, or in
C’s house.
 the insured is the person who enjoys protection in terms of
the policy and he is the 1st holder of the policy.

QUESTION 2:
The insured, the life insured and the beneficiary in terms of a life
insurance contract;
 the insured is the person who enjoys protection in terms of
the policy and he is the 1st holder of the policy.
 The life insured is the person whose life is insured
 The beneficiary is the person who will benefit from the
policy

John insures his wife Mary’s life and names his daughter Grace as
beneficiary

QUESTION 3:
A void and a voidable insurance contract
 void: no contract comes into existance because it excludes
one of the basic requirements
 voidable: a valid contract comes into exitsnance but may be
terminated or enforced at the will of the innocent party

QUESTION 4:
Fire insurance and marine insurance;
 Marine insurance; is a contract of indemnity and is aimed at
providing the insured with indemnity against his loss caused
to the owners of ships

Downloaded by: gbuthelezi1 |
Distribution of this document is illegal

, Stuvia.com - The study-notes marketplace

 Fire insurance: the insurer will be liability in terms of
indemnity insurance for loss caused by fire damage
Look at the nature of he event insured against

QUESTION 5:
Positive and negative misrepresentation by an insured;
 Positive misrepresentation: insured makes a positive
incorrect statement about a material fact

 Negative misrepresentation: insured fails to disclose a
material fact to the insurer

QUESTION 6:
A limitation on risk and an exception to risk in an insurancecontract
 A limitation on risk: the insured has the onus to prove the
event was caused by the event insured against and not the
excluded clause: must prove death – and exclude suicide as a
cause of death

 An exception to risk in an insurance contract: insurer must
prove that the event was caused by the execption = death was
caused by suicide

QUESTION 7:
The objective and the subjective test for the materiality of facts
 The IR proves that IT seee the fact as material = subjective
test
 Reasonable person would consider the fact to be material =
complete OBJECTIVE TEST (Mutual and Federal Case)

QUESTION 8:
An insurance contract and an insurance policy.
 An insurance contract: An insurance contract is a tangible
agreement

 An insurance policy: The policy is the reduction of that
agreement into a tangible form.

QUESTION 9:
A cover note and an insurance policy;
 An insurance policy: The policy is the reduction of that
agreement into a tangible form.

 A cover note: document issued by the insurance company
giving temporary insurance until a formal policy is issued

Downloaded by: gbuthelezi1 |
Distribution of this document is illegal

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller DoctorReinhad. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R56,77. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

68175 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling

Exam (elaborations)

LML4805-Insurance Law EXAM PACK 2022.

Document information

Subjects

Written for

Seller

Reviews received

Content preview