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Essay / Research Paper Abstract
This 11 page paper considers the doctrine of Insurable interest and how it has developed and adapted under English law, looking at both statutes and case law. The paper considers how this may be problematic and compares to this other countries especially to the US before deciding which regime is the best. The bibliography cites 7 sources.
Page Count:
11 pages (~225 words per page)
File: TS14_TEinsure.rtf
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Unformatted sample text from the term paper:
insurance the party taking out the insurance needs to have an interest in the subject of the insurance. For example, it would not be moral or ethical to insure the
life of a stranger. This may, arguably, encourage crime to be committed, with the murder of a strange who has been insured. However, insurable interest is interpreted differently in various
parts of the world, leading the divergent regimes and requirements. By considering the law in England and then looking at how it differs form other countries, there is a lack
of development, with many other areas having seen more recent amendments. However, amendments or changes in perceptive do not always equate to improvements. We first need to define what
we man by insurance. Here we can look to a dictionary definition; " a contract in which one party (the insurer) agrees for payment of a consideration (the premium)
to make monetary provision for the other (the insured) upon the occurrence of some event or against some risk. (The term assurance has the same meaning as insurance but is
generally used in relation to events that will definitely happen at some time or another (especially death), whereas insurance refers to events that may or may not happen)". (Oxford Dictionary
of Law, 2003). Case law has also sought to dine insurance and cases such as DTI v St Christophers Motorists Association [1974]
1 WLR 99 and Medical Defence Union v DoT [1980] Ch 82 may be referred to or further definition (Lexis, 2004). In
English law the interpretation of insurable interest may be seen as a combination of statute and case law. In basic terms insurance may be taken out under certain conditions. There
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