Utmost good faith meaning

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

What is insurance law? Insurance law divides into three strands: insurance contract law, setting the rules of the bargain between policyholders and insurers the law of intermediaries, governing insurance arranged via agents (as with the majority of placements) insurance company law, addressing prudential soundness, integrity and the supervision of insurers This Practice Note focuses chiefly on insurance contract law. For wider regulatory material, see our ‘regulation of insurance’ subtopic, including Insurance & Reinsurance—regulatory framework—overview and Insurance & Reinsurance—Regulated activities—overview. Reform of the insurance sector In January 2006, the Law Commission and the Scottish Law Commission (together, the Law Commissions) began consulting on modernising insurance contract law. Their programme was then separated into three streams: consumer insurance law reform: pre-contract disclosure and misrepresentation insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment insurance contract law reform: insurable interest Consumer insurance law reform—pre-contract disclosure and misrepresentation ...

Introduction This Practice Note summarises key aspects of English insurance law, how they relate specifically to yachts, and the developments introduced on commencement of the Insurance Act 2015 (IA 2015). For fuller guidance on the fundamental rules that underpin any insurance contract, see Practice Note: General principles of insurance contract law. For an outline of marine insurance across all categories of vessel, see Practice Note: Marine insurance—general principles. The relevant legislation The Marine Insurance Act 1906 (MIA 1906) continues to govern questions of yachting insurance, but its provisions have been revised and built upon by the Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012) and the IA 2015. Smaller yachts and pleasure craft, usually owned by individuals, will typically come within CI(DR)A 2012, which safeguards consumer insureds by substituting the duty of utmost good faith with an obligation to take reasonable care not to misrepresent the risk. For superyachts owned by corporate bodies—who, not being individuals, are not classed as consumers—the IA 2015 will apply. ...