LML4805 PORTFOLIO MEMO - MAY/JUNE 2023 - SEMESTER 1 - UNISA - (DETAILED MEMO- DISTINCTION GUARANTEED)
Question 1
(a) Distinguish between the essential features of an insurance contract and the general requirements of a valid contract; then address the consequences if any of these are absent.
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question 1 a distinguish between the essential features of an insurance contract and the general requirements of a valid contract then address the consequences if any of these are absent in your
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LML4805
Insurance Law
PORTFOLIO MEMO
SEMESTER 1 - 2023
UNIQUE NUMBER: -
Due Date: - 18th MAY 2023
Includes Footnotes and/or Bibliography
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(a) Distinguish between the essential features of an insurance contract and the
general requirements of a valid contract; then address the consequences if
any of these are absent.
In your answer, also mention one example of an essential feature of an insurance
contract and one example of a validity general requirement of a contract. (5)
1. CONTRACT OF GOOD FAITH: in SA good faith is generally required in SA during
the negotiation of the contract - in that the insurer relies on the information provided
by the insured in the proposal form.
2. INSURED MUST PAY THE PREMIUM: no insurance is given free
of charge = an insurance contract creates reciprocal rights and
duties. The amount of the premium must be a monetary amount and must be
certain or ascertainable.
3. MONEY (INDIRECT COMPENSATION) OR EQUIVALENT (DIRECT
4. COMPENSATION) IN EXCHANGE FOR THE PREMIUM INSURER MUST
INDEMNIFY THE INSURED ON THE HAPPENING OF THE EVENT
5. UNCERTAIN EVENT: this lies in the fact that it’s uncertain if the event will occur
(theft) or its uncertain when the event will occur (death)
6. INSURED MUST HAVE AN INSURABLE INTEREST: the insured must have an
interest in the non-occurrence of the event.
7. INSURANCE CONTRACT MUST BE AN INDEPENDENT AND PRINCIPAL
CONTRACT.
Essentailia: features of a contract, which distinguish it from other contracts. If one or more
of the essentialia are missing, there isn't an insurance contract. It forms part of the
definition of the insurance.
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