Disclosure and Concealment in Consumer Insurance Contracts
There is significant asymmetry of information and knowledge between insurers and insureds in relation to consumer insurance contracts involving home buildings, home contents, motor vehicle cover, travel, personal accident and consumer credit. In some respects, the insured is in a superior position - he or she is aware of the particular circumstances surrounding the subject matter of the insurance contract and any specific risks to which the property is exposed or where liability may be incurred. Conversely, the insurer is in an advantageous position as regards the scope and content of the insurance cover being sought. The insured is aware of the primary features of the transaction (such as the type of cover, the quantum of cover and the premium payable) but is unlikely to have a clear (or any) understanding of subordinate terms such as average clauses, subrogation provisions and the myriad of exclusions, excesses and limitations upon liability.
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