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Insurable interest refers to the right of property to be insured. [4] It may also mean the interest of a beneficiary of a life insurance policy to prove need for the proceeds, called the "insurable interest doctrine". [5] Insurable interest is no longer strictly an element of life insurance contracts under modern law.
The concept has been adopted by other common law jurisdictions. The court in Currie v Misa [1] declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility". Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and ...
the amount of any further pecuniary loss of which the deprivation has been a legal cause. interest from the time at which the value was fixed. compensation for the loss of use not otherwise compensated. It is a generally recognized rule that interest lost from the conversion is recoverable. Loss of rental value can be considered as interest. [176]
In answering the central question of what constitutes a pecuniary or proprietary interest, the trend over time has been towards a raising of the degree of the interest that will disqualify adjudicators. In the 19th century it was held that "any direct pecuniary interest, however small" would result in a disqualification for bias. [35]
In each matter it couldn't be suggested that the value of the shares would be affected by the case's decision. However, the parties requested that the High Court reaffirm a common law rule that "any direct pecuniary interest, however small, in the subject of inquiry ... disqualifies a person from acting as a judge in the matter". [Note 1] [4]
What constituted a "pecuniary interest" did not arise for consideration by the High Court until 1975 when the Senate referred questions concerning the eligibility of Senator James Webster who was a shareholder in and managing director of a company founded by his late grandfather.
The traditional notion that courts won't look into the adequacy of consideration, an ancient notion in the English common law, doesn't square with the benefit-detriment theory (in which courts are implicitly analyzing if the parties are receiving a sufficient benefit) but does square with the bargain theory (in which only the subjective ...
In sections 15 to 32 and 48 of the Criminal Law Act 1977, the expression "fine" includes any pecuniary penalty. [ 13 ] In England, there is now a system whereby the court gives the offender a 'fine card', which is somewhat like a credit card ; at any shop that has a paying-in machine, he pays the value of the fine to the shop, which then uses ...