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Unit of study_
LAWS5203: Insurance Law and Risk
2020 unit information
Insurance is an essential part of modern life covering a multitude of everyday risks and providing financial security in commerce and life generally. This unit covers the principles and concepts of insurance law and practice. A main focus will be on the rights and liabilities arising under contracts of insurance, under statute (principally the Insurance Contracts Act 1984 (Cth)) and at common law. Broad categories and common forms of insurance, and to a lesser extent reinsurance, and the risks covered by them will be considered. Concepts central to insurance will be dealt with including the duty of utmost good faith, the duty of disclosure, third party rights, proportionality, contribution, subrogation and fraud. Other matters to be considered include the role of insurance brokers and underwriting agents, the regulation of insurers (the role of ASIC and APRA), the progression of insurance from contract formation to claims and the role that insurance plays in the community, corporate life and in dispute resolution. There will be a practical emphasis which involve considering some common types of insurance policies and issues arising under them illustrated by problem solving. Consideration will also be given to the role of risk transfer and insurance in contracting.
Unit details and rules
Managing faculty or University school:
Sydney Law School
| Study level | Postgraduate |
|---|---|
| Academic unit | Law |
| Credit points | 6 |
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Prerequisites:
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None |
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Corequisites:
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None |
| Prohibitions:
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LAWS3503 |
| Assumed knowledge:
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None |
At the completion of this unit, you should be able to:
- LO1. understand the nature, structure, and application of common forms of insurance
- LO2. appreciate the role that insurance has in society, both at a personal and commercial level, and in particular its place in contracting and in the management of the risks of business activity
- LO3. understand insurance and insurance contracts through the application of key legislation, in particular the Insurance Contracts Act 1984, and the common law
- LO4. determine the responsibilities, rights, and liabilities of parties to insurance contracts, third party beneficiaries, third party claimants, and insurance intermediaries applying legislation and general law to various scenarios and problems
- LO5. determine problem-based policy response, and whether there is a legitimate basis for claims declinature, either in whole or in part
- LO6. evaluate the reforms that have been made to insurance law in Australia and the need for further reform.
Unit availability
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Modes of attendance (MoA)
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