The Equitable Life Case

One of the principal grounds for rejecting insurance claims is that the claim is not covered by the terms of the policy, or is specifically excluded. The rule that coverage provisions should be interpreted broadly and exclusion clauses should be interpreted narrowly is really just a corollary of the Contra Proferentem rule which applies in the event of ambiguity i.e. it is the insurer who likely drafted the insurance contract and construing coverage provisions broadly, or exclusion clauses narrowly, will be to the detriment of the insurer as the party who drafted the contract. The construction of exclusion clauses and coverage provisions helps justify the objective intention of the contract. This is the intention which the court considers, a reasonable person in the position of the contracting parties, would have had. It is submitted that coverage provisions should be broad and encompassing and exclusion clauses should be narrow. However, before such a conclusion is reached, this paper will aim to justify the reasoning behind such a claim analysing arguments for and against such a proposition, drawing upon the landmark case Darlington Futures Ltd v Delco Australia Pty Ltd to help relate the discussion to issues raised by such considerations.

business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within

In the words of the erstwhile Finance Minister, Morarji Desai: Whereas Life Insurance Corporation will always bear in mind that its primary obligation is to its policy holders whose money it holds in trust, and will never lose sight of the fact that, as a single investor in India, it has to keep before it the investors of the community as a whole. It will, therefore, invest in ventures which further the social advancement of the country. Its funds will, as far as practicable, be invested for the entire good of the country. The following factors are essential for an ideal insurance policy:

While the book contains valuable insight into some of the most ambitious payout and compensation plans ever implemented in the United States, the lessons are somewhat muffled by Feinberg’s reluctance to apply the lessons of each fund to any larger policy or make any connections to traditional means of recovery though torts. (pg. 24). Feinberg’s work under intense scrutiny is commendable, however I think the analysis in Who Gets What would have been more effective if he explained why he thought the compensation procedures from funds he managed should be completely separated from torts and not presented the rationale for his decisions as fairness.

The aim of this report is to investigate the Douglas Harvey Barber v Guardian Royal Exchange case. The main findings of this report is to see what effect Douglas Harvey Barber had on the financial services industry before and after his case.

On the other hand, if one's results are disclosed, and they are granted life insurance, they are able to overuse that money, because of an incident known has, “ The Undetected Theft ” on November 20, 2017, a 52 - year - old tucker woman, she overused her life insurance budget, she used $70,744. If the insurance company has a fix budget after seeing the results, they would have lots of leftover money, say, that if this were a law before the tucker woman's commitment, the maximum she would have used is around $20,000, than the insurance company would have had $50,000 remaining in which they could have used to re - invest into their business. If the money were to be re - invested, the government could have collected more tax money out of the investment costs, which could have further benefited our community and the

Policyholders are regularly worried about the financial strength of the take out insurance agencies. Numerous are new businesses and have a little surplus accessible to pay cases of $20 million or all the more, even after an organization's reinsurance kicks in, there won't be sufficient cash to pay the greater part of the cases.

Bill Petro, Vice President of Claims has been with Hylant for over 23 years and has been managing their claims operation for past 20 years. Mr. Petro is an experienced claims manager who is well versed with the laws of their jurisdiction and demonstrates an in depth knowledge of both pooling plans and their many coverage forms. My view of Mr. Petro is; he is an experience claims manager who displays the skills set necessary to manage Hylant’s claims operation. Similar to Mr. Petro his claim staff demonstrates sound technical skills averaging over 15 years experience in adjusting liability claims. Based on my review of the claims, the claim staff has fluent understanding the jurisdictional laws and has a strong working relation with their pool

Australian common law largely depends on the discretion held by the court under equitable doctrine. If the termination of employment occurs as a result of employer’s wrongful repudiatory breach, the employee may be relieved from contractual obligations including restrictive covenants. However, the employer can seek for damages if the ex-employee breaches the equitable duty.[ Briggs v Oates [1990] ICR 473]

Aetna remained small until 1850 when it expanded into Life insurance and made it an

When comparing and contrasting universal life, variable life, and variable universal life insurance there are many similarities and differences. For instance, universal life insurance provides coverage throughout the life of the policyholder and this system of insurance helps in building cash value that keeps premiums from becoming cost-prohibitive in the course of the policyholder’s aging (Leslie & Gillen, 2015). Also, universal life insurance allows the policyholder to have flexibility in ways in which premiums can be paid and policyholders can also change their policy’s death benefits (Leslie & Gillen, 2015). Moreover, variable life insurance differs because it’s more like a mutual fund in which the insured’s premium goes into a separate

The TTC has experienced a discretion regarding benefits that would cost them over $5 million. Manulife told the TTC that they had sustained and extensive acts/ organizations, that would ensure the prevention of any scammed benefit claims. This was not the case, and the TTC is under loss. The TTC had this to say: “Manulife employed incompetent managers, employees, and contractors in connection with administration and operation of the systems and procedures so that such systems and procedures were inadequate in all of the circumstances for the purpose of preventing and detecting fraud”. Due to this, it will affect society since there are claims being made that there can be a misrepresentation in benefits. Additionally, it will affect Manulife as a company, since they will undergo charges, and also Manulife’s business will be affected negatively since people are going to ensure that Manulife will not provide the benefits they claim and the customers can see themselves undergoing charges from this. However, this will be helpful to other competitive insurance companies. This is because people will be heading to them for insurance aid and for improved benefits since they are not guilty of providing false

There have been a number of proposed and upcoming changes to GAAP and solvency reporting standards in the US, Canada and Europe in recent years. In particular, significant efforts have been made to increase convergence between US GAAP and IFRS. The following report discusses the pros and cons of convergence between standards in different jurisdictions, as well as convergence between GAAP and solvency standards, in relation to insurance contracts. Here, the term ‘GAAP’ refers to financial reporting for investors, shareholders and creditors. Solvency standards refer to the regulatory requirements imposed on insurers. The jurisdictions discussed have been limited to those in which The Greatest Life Insurance Company operates in: namely, the US, Canada and Europe.

The PPI (Payment Protection Insurance) scandal has gripped the United Kingdom, as millions were seemingly undone by this somewhat fraudulent contractual term. PPI is also known as credit insurance, loan repayment insurance, or credit protection insurance and relates to the insuring of a loan repayment should a borrower become ill, unemployed, or pass away. Sadly, while it sounded like a fair enough concept on paper, it was far from it on reality. Banks such as Lloyds were mis-selling PPI, with some even having no idea that they had PPI until they faced charges later on. The issue related to PPI would take years to come fruition, but when it did Lloyds shares would pay a heavy

The IEU said, “Instead of increasing foreign equity, it is necessary to give more functional autonomy to the public sector insurance industry to garner savings of the people for the growth of the economy. The hike in foreign equity limit will only help foreign capital to gain greater access and control over the household savings to the detriment of the national economy.”