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A duty of disclosure or duty to disclose is a legal duty that requires a person in possession of information to provide that information to other persons or entities. A duty of disclosure often arises in the context of financial transactions, insurance, and legal proceedings.
There is a duty of disclosure, in other words. The proposal is normally incorporated into the formal insurance contract by reference. Although the above procedure represents the general position, consent may be achieved in any way the parties choose. For example, an offer to take out insurance may be made by tendering a premium; or
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.
Mackenna J held ‘the assured is under a duty of disclosure… [but the] extent of the duty is the matter in controversy.’ You could have a duty to disclose everything you think is material, everything a reasonable person thinks is, everything the particular insurer thinks is, or everything a reasonable or prudent insurer thinks is, like in s 18 Marine Insurance Act 1906.
Duty of disclosure: No one likes it when someone keeps important information a secret. The fiduciary should keep you informed of any details that would affect your decisions.
The insurance contract, as noted above, imposes certain specific obligations on its parties. These obligations, however, do not import general fiduciary duties into each and every insurance relationship. Before such fiduciary obligations can be imported there must be specific circumstances in the relationship that call for their imposition.
Title insurance policy. The title insurance documents pertain to the lender’s policy, which you’ll pay for with your closing costs but only protects the lender, not you. If you chose to ...
His judgment in Carter v Boehm was an application of his general principle to the making of a contract of insurance. It was based upon the inequality of information as between the proposer and the underwriter and the character of insurance as a contract upon a "speculation". He equated non-disclosure to fraud. He said at p 1909: