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Policies and Perceptions of Insurance Law in the Twenty-First Century$
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Malcolm Clarke

Print publication date: 2005

Print ISBN-13: 9780199273300

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199273300.001.0001

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Claims: Taking the Drama out of the Crisis

Claims: Taking the Drama out of the Crisis

Chapter:
(p.181) 6 Claims: Taking the Drama out of the Crisis
Source:
Policies and Perceptions of Insurance Law in the Twenty-First Century
Author(s):

MALCOLM CLARKE

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199273300.003.0006

In the event of certain circumstances stated in the policy, the insurer promises to pay money (or money's worth) to the policyholder. General contract law calls this promise a promise to pay subject to a condition precedent—the occurrence of the stated circumstances. Insurance law calls this promise ‘cover’, and calls the circumstances ‘the insured event’ or ‘the peril insured’. To get the insurer to pay the money promised, it is for the policyholder to make out a claim against the insurer by showing that the peril has occurred.

Keywords:   contract law, insurance claim, policyholders, fraud, recoverable loss, information imbalance

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