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Disclosure in insurance law : contemporary and historical economic considerations

Tarr, Julie-Anne (2001) Disclosure in insurance law : contemporary and historical economic considerations. In Kinsler, Jeffrey, Jones, Roger, & Moens, Gabriel (Eds.) International Trade and Business Law Annual. Routledge-Cavendish, Sydney, pp. 209-225.

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Abstract

This article examines the importance of accurate classification and identification of risk with particular reference to the problem of adverse selection. It is argued that, historically, this concern was the paramount consideration influencing standard form contract formation and disclosure laws. The scope of its relevance today however is less apparent in that contemporary insurance contracting is conducted in a vastly different environment from that which prevailed at the time Lloyd's was better known as a coffee house. Accordingly, the second part of this article looks at the contemporary framework of information disclosure and those dynamics within it designed to elicit information weighing on risk forecasting : specifically, (a) direct inquiry and testing requirements; (b) signaling - or incentive based structuring of insurance contractual and (c) bargaining in the shadow of the utmost good faith doctrine. Finally, certain conclusions arising out of contemporary and historical economic considerations underpinning disclosure in insurance law are outlined.

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ID Code: 31801
Item Type: Book Chapter
Additional URLs:
Keywords: Insurance, Disclosure, Risk, Contract Law
ISBN: 9781843140870
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BANKING FINANCE AND INVESTMENT (150200) > Insurance Studies (150204)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2001 University of Queensland
Copyright Statement: International Trade and Business Law Annual (Volume 6, 2001) is the official publication of the Australian Institute of Foreign and Comparative Law of the University of Queensland, Australia. International Trade and Business LAw Annual is a fully refereed publication.
Deposited On: 15 Apr 2010 13:02
Last Modified: 05 Jan 2011 23:57

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