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Why the doctrine of caveat emptor is applicable to an insurance law?
Wiki User
∙ 12y ago
Caveat emptor is the practice of a person buying a good being responsible for informing himself of the use and quality of said good. Beware of what you buy, is its meaning.
With insurance, it commonly refers to being careful of choosing an insurance that covers all instances you want to be insured for, at adequate financial levels. If you don't, and you find out you are not properly insured as a result, it's your own fault.
Wiki User
∙ 9y ago
Wiki User
∙ 12y agoIt does. It can be applied to insurance on the basis of 'uberrima fides' (utmost good faith). If the insurer acts in bad faith the insured can sue.
Wiki User
∙ 12y agoIt can be applied to insurance on the basis of 'uberrima fides' (utmost good faith). If the insurer acts in bad faith the insured can sue.
Wiki User
∙ 12y agoIt does. It can be applied to insurance on the basis of 'uberrima fides' (utmost good faith). If the insurer acts in bad faith the insured can sue.
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Why is the doctrine of caveat emptor not applicable to the contract of insurance?
The concept of "Caveat Emptor" finds a mention in judicial systems of common law. For example it appears in the Sale of Goods Act in India. Caveat Emptor is a concept which is becoming slightly lesser relevant because of the huge variety of means through which goods and services are being sold in today's market. Caveat Emptor means the Buyer Beware. A contract of insurance is however a different contract and is guided by different principles such "utmost good faith",etc. The reason being that in a contract for insurance, for example in life insurance, the person getting himself assured must show utmost good faith. This means he should disclose all the material factors which are likely to influence the insuring party. The concept of Caveat Emptor not being applicable because the insurer can in no way possibly forsee all the possible conditions likely to effect his interest. The insured is in the best position to know this.
When was Caveat Emptor EP created?
Caveat Emptor EP was created in 2005.
Caveat emptor in a sentence?
"Caveat emptor" is a sentence in Latin. You could incorporate it into an English sentence, as: This item may not be worth the price; so, as always, caveat emptor.
Sentence with caveat emptor in it.?
Here at Honest Ed's the prices are low, however, caveat emptor.
When was Caveat Emptor - album - created?
Caveat Emptor - album - was created on 1998-03-24.
What is cavet emptor?
Caveat emptor - let the buyer beware
Why caveat emptor principle is not fully valid in the present scenario?
why caveat emptor principal is not fully valid in the present scenario
What does carveat emptor mean?
Caveat emptor - let the buyer beware
Caveat in a sentence?
Caveat emptor means "Let the buyer beware" in Latin.
Is Arkansas a caveat emptor state?
yes
Which of these phrases is a warning about something?
Caveat Emptor
What rhymes with tempter?
attempter preemptor caveat emptor
