LML4805 EXAM PACK 2022

LML4805 EXAM PACK 2022 S - The study-notes marketplace Downloaded by: gbuthelezi1 | Distribution of this document is illegal S - The study-notes marketplace EXAM PACK DEFINITIONS Distinguish (in a single sentence, where possible, and with the aid of examples, where necessary) between: QUESTION 1: The insured and the person concluding the insurance contract with the insurer  the person taking out the insurance (ie, the person concluding the contract with the insurer) A may insure his or her own interest in his or her own house. A may insure his or her own interest in B’s house. A may insure B’s interest in his or her own (A’s) house, or in B’s house, or in C’s house.  the insured is the person who enjoys protection in terms of the policy and he is the 1 st holder of the policy. QUESTION 2: The insured, the life insured and the beneficiary in terms of a life insurance contract;  the insured is the person who enjoys protection in terms of the policy and he is the 1 st holder of the policy.  The life insured is the person whose life is insured  The beneficiary is the person who will benefit from the policy John insures his wife Mary’s life and names his daughter Grace as beneficiary QUESTION 3: A void and a voidable insurance contract  void: no contract comes into existance because it excludes one of the basic requirements  voidable: a valid contract comes into exitsnance but may be terminated or enforced at the will of the innocent party QUESTION 4: Fire insurance and marine insurance;  Marine insurance; is a contract of indemnity and is aimed at providing the insured with indemnity against his loss caused to the owners of ships