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Chapter 11 - Insurance law. In this chapter you should understand: how a contract of insurance is made, the term ‘cover note’, the concept of insurable interest at common law and how it has been modified by the Insurance Contracts Act 1984 (Cwlth),. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Insurance Law Chapter 11 11- Introduction Insurance law is concerned with the relationship between two persons. One person (the insurer) agrees to compensate or indemnify the other (the insured) for any loss sustained on the happening of a particular event. 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e The Contract of Insurance Premium (consideration) Insurer Insured/assured (proponent) Promise of payment by the insurer The proposal is the offer. The policy is evidence of the contract. 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Cover Notes A form of interim insurance. Contract requiring payment whether proposal accepted or rejected. Contract for interim insurance for up to 1 month. 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Prudential Regulation of the Insurance Industry The Australian Prudential Regulation Authority (APRA) took over the role of the Superannuation Commissioner in July 1998. Prudential regulator of banks, insurance companies and superannuation funds. Issues guidelines. Prevents certain promotional material. 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Codes of Practice Set out minimum standards that insurers must comply with. Produced by insurance companies in conjunction with APRA. Voluntary, but the industry is committed to compliance. 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law . | This is the prescribed textbook for your course. Available NOW at your campus bookstore! 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Insurance Law Chapter 11 11- Introduction Insurance law is concerned with the relationship between two persons. One person (the insurer) agrees to compensate or indemnify the other (the insured) for any loss sustained on the happening of a particular event. 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e The Contract of Insurance Premium (consideration) Insurer Insured/assured (proponent) Promise of payment by the insurer The proposal is the offer. The policy is evidence of the contract. 11- Copyright © 2000 McGraw-Hill AustraliaCopyright 2009 McGraw-Hill Australia Pty Ltd PPTs t/a Fundamentals of Business Law 6e Cover Notes A form of interim insurance. Contract .
