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Is insurance law simular to Equity and Trust law?
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Flowerchild10
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Notoriety
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No. Insurance has recently undergone a lot of statutory change and the terms are pretty much all defined in statute.
Equity is all about case law, with some minor exceptions. You will be reading a lot more cases in equity than in insurance.
Equity is all about case law, with some minor exceptions. You will be reading a lot more cases in equity than in insurance.
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The only real "equity" similarity, in a rather crude sense, is that consumer and SME insureds have the ability to use the Financial Ombudsman Service. This was particularly useful prior to the consumer insurance reforms where the law was previously harsh. The FOB essentially applied conscionability to determine the outcome of cases, "fair and reasonable in all circumstances of the case" (s228 FiSMA 2000).
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