LML4805 INSURANCE LAW FULL TEST BANK QUESTIONS AND DETAILED SOLUTIONS VERIFIED 100% CORRECT ALREADY GRADED A+ ELITE REVIEW EDITION

LML4805 INSURANCE LAW FULL TEST BANK
QUESTIONS AND DETAILED SOLUTIONS
VERIFIED 100% CORRECT ALREADY GRADED
A+ ELITE REVIEW EDITION


◉Rationale of Duty . Answer: No general obligation to act or speak
legally.


◉Exceptions to the Rule . Answer: Insured must disclose facts affecting
insurance decisions.


◉Material Facts . Answer: Information relevant to risk or premium
assessment.


◉Breach of Duty . Answer: Failure to disclose leads to mala fides
claims.


◉Voidable Policy . Answer: Insurer can void policy for non-disclosure.


◉Insurer's Liability . Answer: Insurer not liable for claims if duty
breached.

, ◉Return of Premium . Answer: Insurer must return premium if policy
voided.


◉Mutual and Federal v Oudtshoorn . Answer: Case confirming duty of
good faith in insurance.


◉Good Faith Duty . Answer: Both parties must disclose material facts
honestly.


◉Actual Knowledge . Answer: Facts known by the insured prior to
contract.


◉Constructive Knowledge . Answer: Facts that should have been known
by the insured.


◉Mala Fides . Answer: Bad faith; breach of good faith duty.


◉Legal Obligation . Answer: Duty of disclosure imposed by law, not
contract.


◉Carter v Boehm . Answer: Historical case emphasizing utmost good
faith in insurance.