Rethinking the Materiality Requirement for Non-Disclosure and Misrepresentation in Insurance Contracts

Posted: 22 Sep 2011

Date Written: September 20, 2011

Abstract

Access to private insurance funds has become increasingly important in the neo-liberal state. Accurate risk assessment and actuarial equity are essential for ensuring the viability of insurance as a mechanism for managing risks, which in turn depends on proper disclosure of material risks. This article examines the purpose and scope of the disclosure duty, and remedies for breach of that duty in the context of personal insurance contracts. The current position in Canadian common law jurisdictions may be detrimental to the interests of insureds and beneficiaries. The article proposes reforms to the test for materiality and remedies for breach aimed at protecting the interests of insurers and the reasonable expectations of insureds.

Suggested Citation

Adjin-Tettey, Elizabeth, Rethinking the Materiality Requirement for Non-Disclosure and Misrepresentation in Insurance Contracts (September 20, 2011). Available at SSRN: https://ssrn.com/abstract=1931147

Elizabeth Adjin-Tettey (Contact Author)

University of Victoria - Faculty of Law ( email )

P.O. Box 1700, STN CSC
Victoria, B.C. V8W 2Y2
Canada
250.721.8182 (Phone)
250.721.8146 (Fax)

HOME PAGE: http://law.uvic.ca/faculty_staff/faculty_directory/adjintettey.php

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
484
PlumX Metrics