Insurance Law- Principle of Non-Concealment

INTRODUCTION One of the fundamental features of an amends contract is that it is genius of Uberrimae Fidei, uttermost(prenominal) Good Faith. This is the basis of all indemnification transactions and this word of belief distinguishes it from other type of contract. This barter is of three lot as held in Ado v. Nigerian General restitution ltd. (1980): 1.To infract all genuine Fact.2. not to misrepresent Material Fact. 3. Not to make dishonorable claims. The insured must consequently declare oneself and disclose all actual facts relating to the subject topic of the policy within his actual or presumed knowledge at the epoch of making the contract. This is known as the art of manifestation OR NON- CONCEALMENT. ORIGIN OF THE DUTY OF NON CONCEALMENT Under the commonplace law of contract, a contracting party is not oblige to furnish learning which is not asked for, even when the information is material to the transaction. The applicable motto is C aveat Emptor meaning allow the buyer take care. Thus the purchase of an obligate or service has the duty of making all needed enquiries from the seller. An exception to this rule applies in insurance transaction. A duty to disclose material facts relating to insurance transaction is imposed by law having regards to the nature of insurance as a turn of events for treatment of risk. This rule originated from the quaint English case of Carter v. Boehm, where superior Mansfield C.J succinctly stated the ratified position thus; insurance is a contract upon speculation.

The particular(a) facts on which the conti! ngency is computed, lie more than commonly in the knowledge of the insured only. The keeping choke of such plenty is a fraud... Although the suppression should happen with mistake, without any fraudulent intention, yet still, the underwriter is deceived and the policy untenanted Though this locale classicus has stood the...If you want to get a across-the-board essay, order it on our website: BestEssayCheap.com

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