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In the United Kingdom and in Australia, in relation to insurance, duty of disclosure refers to the obligation of the insured person or proposed insured person to disclose to the insurer every matter that he or she "know[s], or could reasonably be expected to know, is relevant to the insurers' decision whether to accept the risk of insurance" or to influence the terms offered.
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
This rule is most prevalent in insurance law, when the insurer's breach of the implied covenant may give rise to a tort action known as insurance bad faith. The advantage of tort liability is that it supports broader compensatory damages as well as the possibility of punitive damages.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
Uberrima fides is strictly limited in English law to the formation of the insurance contract. [5] During the mid-20th century, American courts expanded it much farther into a post-formation implied covenant of good faith and fair dealing. Violation of that implied covenant came to be seen as a tort, now known as insurance bad faith. [5]
A Statement of Assets, Liabilities, and Net Worth (SALN) [1] [2] is an annual document that all de jure government workers in the Philippines, whether regular or temporary, must complete and submit attesting under oath to their total assets and liabilities, including businesses and financial interests, that make up their net worth. [3]
Dennis B. Funa is a Filipino lawyer, businessman, public official, law book author, professor of law, constitutionalist, and the current Commissioner of the Philippines' Insurance Commission. As a Filipino lawyer, he is the managing partner of a Metro Manila based law firm.
The Consumer Insurance (Disclosure and Representations) Act 2012 (c.6) [1] is a UK Act of Parliament that makes important reforms to insurance law. The Act was a consequence of the Law Commission 's millennium review of the law of insurance that has been ongoing since 2006.