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The Insurance Act 1973 (Cth) sets minimum capital and solvency requirements for companies wanting to enter or operate in the insurance market. [1]Chapter 7 of the Corporations Act 2001 (Cth) regulates the way in which insurers and insurance agents and brokers carry on business and how they deal with the people they do business with and intend to do business with.
[16] [17] [18] It is distinguished from an "invitation to treat", which is a request to others to make offers to engage in negotiations with a contract in mind. [19] Items displayed for sale are invitations to treat. [20] An offer is also distinguished from "mere puff". [9]
AustLII was established in 1995. [1] [2] Founded as a joint program of the University of Technology Sydney and the University of New South Wales law schools, its initial funding was provided by the Australian Research Council. [3] Its public policy purpose is to improve access to justice through access to legal information. [4]
via AustLII: South Australian Law Reports: SALR: 1863-1920: via AustLII: Neutral citation: SASC: 1989-AustLII. BarNet JADE. SASCFC: 2010-AustLII. BarNet JADE. Court of Criminal Appeal and Full Court of the Supreme Court Supreme Court (Tas) Tasmanian Reports: Tas R: 1978-Thomson Reuters: Authorised report. 1978-1991: AustLII: Tasmanian State ...
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance.These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
Indemnity insurance compensates the beneficiaries of the policies for their actual economic losses, up to the limiting amount of the insurance policy. It generally requires the insured to prove the amount of its loss before it can recover. Recovery is limited to the amount of the provable loss even if the face amount of the policy is higher.