Corporate Liability Ins. Rescission - An Equitable Remedy

This course explores how to deal with the equitable remedy of rescission as a method to defeat insurance fraud.

What you'll learn

Discover what the equitable remedy of rescission is.

Explore how to use the equitable remedy of rescission to avoid a policy and a claim.

Identify the elements an insurer must prove to effectively rescind a policy of insurance.

Explore how liability insurers investigate a claim to determine if there is any basis for asserting the right to rescind a policy of insurance.

Identify each of the defenses available to insured’s whose insurer attempts to rescind.

Discover that it is the duty of the insured to honestly describe the risk it asks an insurer to insure.

Discover how to recognize insurance fraud and how it relates to an application for insurance.

Requirements

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Description

A complete course of study providing education and training to allow the student, to learn how to deal with the equitable remedy of rescission as a method to defeat insurance fraud or policies acquired innocently by fraud, misrepresentation, concealment or mistake. The course reviews the law of rescissions, the elements of the equitable remedy, and how to declare a policy void.
This twelfth course in the series provides a representative of an insured sufficient knowledge to avoid misrepresentation, concealment, fraud or mistake in acquiring a policy to avoid rescission by the insurer. The insurer’s representative learns everything that is required of an insured to assist an insurer in its investigation, defense and defeat of insurance fraud or policies of insurance obtained by deceit.
The Course covers the following:
An explanation of the equitable remedy of rescission.How rescission can be used as a means to defeat insurance fraud.The historical basis of the equitable remedy of rescission.The elements required to prove it is appropriate to rescind a policy of insurance.What an insurer must prove to rescind a policy of insurance.How to detect the difference between a true and false representation.How to determine that a misrepresentation or concealment is material.What must be done to rescind a policy of insurance.A review of particular court decisions that resulted in an effective rescission.A discussion of claims of post loss underwriting and why it is an oxymoron.What an insurer must do before electing to rescind a policy of insurance. Prerequisites:
 
The first eleven courses of the Certified Expert in Corporate Liability Insurance program are prerequisites and it would be helpful to complete the Certified Expert in Corporate Property Insurance Program.

Overview

Section 1: Introduction

Lecture 1 Introduction to Course 12: Rescission- An Equitable Remedy

Lecture 2 Mistake

Lecture 3 Misrepresentation

Lecture 4 How is a Policy of Insurance Rescinded

Lecture 5 How is a Policy of Insurance Rescinded Cont'd

Lecture 6 "Post Loss Underwriting" is an Oxymoron

Lecture 7 Before Electing to Rescind

Section 2: Supporting Materials

Lecture 8 Slides: Rescission - An Equitable Remedy

Lecture 9 Rescission - An Equitable Remedy Glossary/Index

Section 3: Review and Test

Anyone interested in business law, insurance for business, management, finance, or related fields.