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Transparency in Insurance Contract Law (Paperback, 1st ed. 2019)
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Transparency in Insurance Contract Law (Paperback, 1st ed. 2019)
Series: AIDA Europe Research Series on Insurance Law and Regulation, 2
Expected to ship within 10 - 15 working days
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This Volume of the AIDA Europe Research Series on Insurance Law and
Regulation focuses on transparency as the guiding principle of
modern insurance law. It consists of chapters written by leaders in
the respective field, who address transparency in a range of civil
and common law jurisdictions, along with overview chapters. Each
chapter reviews the transparency principles applicable in the
jurisdiction discussed. Whether expressly or impliedly, all
jurisdictions recognize a duty on the part of the insured to make a
fair presentation of the risk when submitting a proposal for cover
to the insurers, although there is little consensus on the scope of
that duty. Disputed matters in this regard include: whether it is
satisfied by honest answers to express questions, or whether there
is a spontaneous duty of disclosure; whether facts relating to the
insured's character, as opposed to the nature of the risk itself,
are to be presented to the insurers; the role of insurance
intermediaries in the placement process; and the remedy for breach
of duty. Transparency is, however, a much wider concept. Potential
policyholders are in principle entitled to be made aware of the key
terms of coverage and to be warned of hidden traps (such as
conditions precedent, average clauses and excess provisions), but
there are a range of different approaches. Some jurisdictions have
adopted a "soft law" approach, using codes of practice for
pre-contract disclosure, while other jurisdictions employ the
rather nebulous duty of (utmost) good faith. Leaving aside
placement, transparency is also demanded after the policy has been
incepted. The insured is required to be transparent during the
claims process. There is less consistency in national legislation
regarding the implementation of transparency by insurers in the
context of handling claims.
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