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Key to the case study in Chapter 6

Key to the case study in Chapter 6.

dalton-rowland
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Key to the case study in Chapter 6

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  1. Key to the case study in Chapter 6 • Indemnity is the cost of replacement less wear and tear. In this case, the cost of replacement is $1000. The life of the TV set was agreed at 15 years and as it is 5 years old, it has gone through one third of its life. The insured is therefore entitled to two thirds of the replacement cost. • The wear and tear of the TV set: 1000 × 1/3 = $333 • The claim payment: 1000-333 = $667 • Therefore the insurance company should pay $667 to the insured.

  2. Chapter 7 Insurance Contract

  3. Contents 1. Meaning of general contract 2. Meaning of insurance contract 3. The form of insurance contract 4. The subject, the object and content of insurance contract 5. The contents of insurance contract 6. The feature of insurance contract

  4. 1. Meaning of general contract It is a legally binding agreement. In other words, a contract must be enforced or recognized by law.

  5. A valid contract needs the following elements Agreement Intention to create legal relations Consideration Five elements Contractual capacity Form required by law

  6. 3. The form of insurance contract Proposal form Cover note Four kinds Insurance policy Insurance certificate

  7. Endorsement of Marine cargo Insurance Endorsement of Motor vehicle Insurance Original policy of Marine cargo Insurance

  8. The subjects of insurance contract

  9. The object of insurance contract the insurable interest of the subject-matter of insurance

  10. 5. The contents of insurance contract 5.2 The main contents of the insurance policy the name and address of the insurer  names and addresses of the applicant and the insured  the subject matter of insurance  scope of the cover and exclusions  period and commencement of insurance liability  insured value / the sum insured  premium and method of premium payment  method of payment of indemnity  the settlement of disputes  day, month and year of the signing of the contract

  11. 6.Principle of conclusion of insurance contract Principle Consulting and discussing doctrine Fair and mutual doctrine Voluntary doctrine

  12. 6.2 The novation of an insurance contract

  13. 6.3 Transfer of rights of insurance contracts The subject-matter of an insurance contract is often transferred from one person to another.  a motor policyholder may sell his car to another.  insured under a household policy may sell his house. Limiting factors： Insurance contracts cannot be assigned freely without the consent of the insurer except marine cargo policies. The ownership of marine cargo may change several times in the course of a voyage, but the risk does not change as the result of a transfer of the cargo.

  14. 7、Features of Insurance Contract Contract of Utmost Good faith Bilateral Contract Aleatory Contract Features Onerous Contract Adhesive Contract

  15. The end of Chapter 7 Next Chapter

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