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Archive for Contracts

Is my age all that matters?

Pick a feature, any feature – age, sex, occupation, physical condition, personal activities, financial status, and moral hazards. These are all characteristics the insurer could look at when underwriting an individual policy. Mortality Tables are ignored and race, ethnicity and nationality aren’t a consideration. In addition, poor taste in clothes and a bad sense of [...]

I only married you for your insurable interest

Insurable interest is created in one of three ways – by blood, marriage, or by a business relationship. It exists when an insured person derives a financial or other kind of benefit from the continuous existence of the insured object. You would have unlimited insurable interest in yourself. It must exist when the policy is [...]

They always argue that I shall someday die, which is not so

I detest Life-Insurance Agents; they always argue that I shall someday die, which is not so. – Stephen Leacock Uberrima Fides. The insurance contract must be entered into in utmost good faith by both parties (or uberrima fides if you will). The insured has a reasonable and just cause to assume something – that the [...]

Are your intentions with our Insurance Pure?

Insurance is only designed to cover a PURE risk. This is definable in terms of a dollar amount. It can’t cover SPECULATIVE risk – so don’t think the money you lost gambling will be covered! Speculation is the idea of making money, but insurance is designed to replace a loss – not make money for [...]

A Verbal Contract isn’t worth the paper it’s written on

A Verbal Contract isn’t worth the paper it’s written on. – Samuel Goldwyn I first came to realize the surplus of contracts out there after getting engaged. There’s the marriage contract and prenuptial agreement (needless to say, we did not need this). There’s the contract required to join bank accounts and another to put someone [...]

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