Rethinking the Materiality Requirement for Non-Disclosure and Misrepresentation in Insurance Contracts
Date
2010
Authors
Adjin-Tettey, Elizabeth
Journal Title
Journal ISSN
Volume Title
Publisher
Canadian Bar Review
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.
Description
This is a post-print version of this paper, published in the Canadian Bar Review, (2010) 89(2) pp.241-283. An abbreviated version of the paper was published in the Lawyers Weekly, August 20, 2010.
Keywords
Citation
Elizabeth Adjin-Tettey, "Rethinking the Materiality Requirement for Non-Disclosure and Misrepresentation in Insurance Contracts” (2010) 89(2) Canadian Bar Review 241-283.