Business Law Assignment - 2513 Words

Table of Statutes Page Gambling Act 2005 4,6,7 Gaming Act 1845 4 Life Assurance Act 1774 5,6 Marine Insurance Act 1788 4,5 Marine Insurance Act 1906 4 Marine Insurance (Gambling Policies) Act 1909 6 Table of Cases Cowan V Jeffrey Associates 1998 SCLR 619 4 Feasey V Sun Life Assurance Co of Canada 2003 EWCA Civ 885 5 Griffiths V Flemming 1909 1KB 805 4 Inglis V Stock 1885 10 Apps Cas 263 5 MacAura V Northern Assurance Co Ltd 1925 AC 619 HL 5 Mitchell v Scottish Eagle Insurance Co Limited 1997 S.L.T. 793 4 Prudential Insurance V IRC 1904 2 KB 658 5 Scottish Amicable Heritable Securities V Northern Assurance Co 1883 11 R 287 5 Sloans Dairies V Glasgow†¦show more content†¦There are distinctions within the broad line of issues regarding both indemnity and non-indemnity insurance. Using life insurance as an example of non indemnity insurance would also consider other ‘value’ insurance such as personal accident and critical illness. In non-indemnity the list of issues include group insurance, key employee insurance or issues of natural affection, eg, a grandmother will not be able to obtain insurance on the life of her grandson. Equally if insurable interest is removed, this may open up ‘wager’ type policies or taking out insurance on a stranger or more bizarrely celebrities. In indemnity insurance, if insurable interest is removed, there may be odds with statute such as Marine Insurance and Life Assurance Acts. Within the debate is the argument whether insurable interest is required at all. Behind this debate is the definition of insurance which separates insurance contracts from those of gaming and the need to define due to the tax requirements being different for each. From the case Prudential Insurance V IRC[13], Mr Justice Channell stated his definition of insurance: â€Å"The remaining essential is†¦ that the insurance must be against something. A contract which would otherwise be a mere wager may become an insurance by reason of the assured having an interest in the subject matter – that is to say, the uncertain event which is necessary to make the contract amount to an insurance must be an event which is prima facie adverseShow MoreRelatedAssignment On Business Law Assignment3960 Words   |  16 Pages Assignment attachment form When submitting your assignment it must be accompanied by this Assignment Attachment Form. Please make sure that you complete all of the details correctly. †¢ Provide ALL details requested on this form. †¢ Use one form for each assignment. Unit name: Business Law 1100 Given name: Elton Aik Yin Surname: Goh Student number: 90004481 Email: 90004481@learning.cic.wa.edu.au Assignment title: Business Law Assignment Date submitted: 25th August 2014 Student’s commentRead MoreAssignment of Business Law1589 Words   |  7 PagesQuestions 1. With examples explain the following general principles of law a. 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