Authorised by Academic Registrar, April 1996
Objectives Students successfully completing this subject should (1) have a basic understanding of the principles of insurance law and the operation of the insurance industry; (2) have extended their basic understanding of the law of contract and torts through the application of these areas to insurance; (3) have developed the skills needed to interpret and apply insurance documentation and (4) be able to explain the law reform processes relevant to insurance and have an appreciation of contemporary issues of policy in the area.
Synopsis Nature and development of insurance law and the industry; Government regulation and early Federal reforms; the contract including concepts of insurable interest, formation and documentation; good faith, disclosure and misrepresentation; intermediaries, brokers and agents; construction of policies and standard cover; adjustment of rights including claims, causation, proof and fraud; the indemnity principle and measure of loss; remedies and dispute resolution; subrogation, double insurance and contribution; and codes of practice and proposals for further reform.
Assessment Take-home (24 hours) test problem (1000 words) in week 4: 10% + Final open-book examination (3.5 hours plus 30 minutes reading and noting time): 90%