Leeds Metropolitan Business case study

Leeds Metropolitan Business case study

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Leeds Metropolitan Business case study

You may select any of the contract analysis topics below. You can focus on one topic, you can use several, or you can select all the topics, if you’d like (although that would be difficult to fit on two to four pages). The important point is to correlate something in each of the two contracts with specific issues from Chapter 6 of the text. Key point – these are administrative services agreements, which are not really insurance contracts. Therefore, they will not include all of the elements from Chapter 6.

Elements of an Enforceable Contract

Leeds Metropolitan Business case study

Offer and acceptance –written application and premium must be submitted in exchange for the promise

Leeds Metropolitan Business case study

Legal purpose –cannot be illegal. Contract by an unlicensed company is illegal. Cannot be speculative (for wagering or gain)

Leeds Metropolitan Business case study

Competent parties– cannot be a minor, intoxicated or legally insane

Leeds Metropolitan Business case study

Consideration– something of value must be exchanged

Leeds Metropolitan Business case study

Unilateral—only one party, the insurer, can be held liable for breach of contract. Only one party makes a promise.

Personal—it covers a person,even if the policy is property insurance

Leeds Metropolitan Business case study

Conditional—one party (the insurer) has an obligation to perform only if the other party (the insured or the life insurance policyowner) meets conditions specified in the contract. There are conditions precedent and subsequent.

Contract of Adhesion— Contract prepared by one party, rather than having its terms negotiated

Leeds Metropolitan Business case study

Non-drafting party can only accept or reject contract as is

If ambiguity exists in an insurance policy, courts are likely to rule in favor of the insured and against the insurer (the party that drew up the contract).

Leeds Metropolitan Business case study

Characteristics of an
Insurance Contract

Characteristics of an Insurance Contract

Leeds Metropolitan Business case study

Parol (spoken) Evidence Rule

Leeds Metropolitan Business case study

Legal principle: oral contemporaneous evidence may not be used to contradict or vary the terms of a valid written contract. Written contract prevails over anything said by either party.

Statements by the agent selling insurance do not alter the written policy

Contract of Indemnity vs. Valued Contract

Leeds Metropolitan Business case study

Contract of indemnity– policyowner is entitled to payment of an amount directly related to the amount of a covered loss. Insurance seeks to compensate the insured for approximately the amount lost, but not more. Make policyowner whole- to put in same position as before the loss. Applies primarily to property insurance

Valued contract – policyowner is entitled to recover the amount specified in the policy, regardless of any measurable financial loss

Insurable Interest

A right or relationship with regard to an insurance contract such that the policyowner will suffer financial loss from damage, loss, or destruction to that subject matter

The purposes of requiring an insurable interest in insurance contract is to prevent gambling (speculation) and decrease the moral hazard

When must insurable interest exist?

Life insurance

Insurable interest must exist when insurance is purchased

Policy can later be sold to a third party with no insurable interest

Property insurance

Insurable interest must exist at the time of the loss. Without insurable interest, that party (policyowner) would have no loss.

Insurance Contracts

Subrogation– a process by which an insurer takes over the legal rights of recovery its insured has against a responsible third party

Concealment – failure to disclose relevant information (material fact). Primarily in application or claim.

Misrepresentation – knowingly false statement of a material fact made by an insurance applicant

Insurance Contracts

Voidable contract– a contract that can be affirmed or rejected at the option of one of the parties but is binding on the other party. May be the result of concealment, misrepresentation, or fraud

Void contract– a contract that has no legal effect and is, therefore, unenforceable by either party

Fraud

false representation

knowingly made

intent to influence or deceive

material fact

reasonable reliance

detriment (in damages suit)

Elements considered when evaluating allegations of fraud:

Contractual Statements

Warranty

The answers to specific questions on an insurance application made part of the policy are warranties.

A warranty, if false, makes the policy voidable, even

if the false statement is not material.

Representation

A representation is an incidental statement preceding the contract, not part of the contract.

To void a contract, any representation must be both false and material.

Insurance Contract Provisions

Declarations—factual statements that identify the parties to the insurance transaction, the amount of insurance, the property or activity being covered, the effective date of the coverage, etc.

Definitions—precise meanings of terms used in the contract, such as “family member,” “disability,” “covered auto,” etc.

Insuring agreements—the promises made by the insurer, such as to pay, to defend, to reimburse, etc. Open perils versus named-perils

Insurance contract provisions

Exclusions—the perils, properties, types of losses, circumstances, etc., that the insurance does not cover

Conditions—the duties that (usually) the policyowner must fulfill before it can hold the other party to the terms of the contract

Miscellaneous provisions—other clauses that don’t fall into the above categories, such as those concerning policy continuation, loss valuation, optional modes of settlement, etc.

Endorsements or riders—provisions added to the policy to modify or clarify the coverage, perhaps for an additional or reduced premium

Renewability (Continuation) Provisions

Noncancelable

policyowner has the right to renew coverage at each policy anniversary date, usually up to some stated age

coverage may not be terminated by the insurer during the term of coverage

rates for the coverage are guaranteed, but not necessarily level

Renewability Provisions

Guaranteed Renewable

Policyowner retains the right to renew the coverage at each policy anniversary date, usually up to a stated age

Insurer is not allowed to cancel the coverage during the period of protection

The insurer retains the right to raise rates for broad classes of insureds

Renewability Provisions

Optionally Renewable

insurer may refuse to renew the policy on its anniversary or premium-due date

policyowner must receive advance notice of nonrenewal

Cancelable

Insurer may terminate the policy at any time for any reason

Advance notice usually required

Insurer refunds any unearned premium

Leeds Metropolitan Business case study

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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