New Zealand Insurance law and Policy Holders New Zealand insurance law requires that policyholders must disclose all material facts to insurers; a failure to do so will allow the insurer to avoid the contract and to refuse all claims under it.
New Zealand Insurance law and Policy Holders
It is widely agreed that there are problems with this law. The Ministry of Business Innovation and Employment (MBIE) are currently seeking submissions on options for law reform.
New Zealand Insurance law and Policy Holders Required:
Write a letter to MBIE in which you:
Ï Identify two problems with the current law that policyholders must disclose all material facts to insurers.
Ï Provide specific recommendations for law reform and explain how these will address the problems that you have identified.
Any recommendation is valid provided it is justified with clearly articulated and logically argued reasoning.
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Write a report providing a fully justified Asset Management Strategy and outline asset plans for the Keythorpe local authority schools programme (4000 words)
Note: In order to carry out part B you need to look at resources outside the lectures. You are expected to consult ISO 55000 to understand the key concepts. There is an expectation that you will research the relevant strategy areas to develop your answer. You are advised to read the AAMCOG(2011), PAS55 and ISO 55000 guides. The report should be a coherent report and each section should not be treated in isolation. You must present a logical response. The key to this report is how you link client’s requirements (services/business) to the physical asset strategy and plans. Your reasoning and justification should be explicit. If you wish to include an appendix they must be no more than 1000 words.
All conventions with regard to referencing and citations must be followed. Tables, diagrams or pictures that do not directly contribute to the work should not be included.
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What is bonding? distinguished between bonding and insurance coverage
SAMPLE ANSWER
According to Cheeseman (2012), bonding and insurance are forms of protection that guards against financial loss, but work in different forms. Bonding is a specific protection by providing coverage when the specified job is not complete to the client’s satisfaction, such that a claim can be made for compensation purposes. The bond differs from commercial liability insurance since the bond only covers the specific obligation and not broader coverage like insurance claims. In other words, the insurance protects the business owners, while the bond protects the client and this makes the tow work concurrently without any conflict of law.
Whereas an insurance coverage is a form of risk management in a two party contract between the insured and the insurance company, a bond is a contract between three parties, namely the surety, the principal, and the obligee. In this regard, the surety is issued by one party on behalf of the second party to guarantee that the second party will complete the obligation to a third party. Whereas the bond provides legal protection to the obligee, the insurance coverage protects the insured against a risk (Cheeseman, 2012). Another difference is that the premium paid for the bond is for the guarantee that the principal fulfills his obligations, while the premiums paid is for insurance coverage is designed to cover for potential losses. For insurance coverage, losses are expected and the insurance rates are adjusted to cover losses depending on many factors, however, losses are least expected for bonds since contracts are awarded to qualified persons. Bonding is a form of credit such that the principals are to pay for the claims, however, the insurance coverage claim is paid and the insurance company doesn’t expect to be repaid by the insured.
Reference
Cheeseman, H.R. (2012). Business Law 8th Edition. Prentice Hall
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How to find the health insurance plan that’s right for you
How to find the health insurance plan that’s right for you
Go to the HealthCare.gov website: then go to “blog” located at the top of the home page. Choose a current blog relating to a subject that interests you, read
the blog, then respond to the issue presented. Include the tile of the blog, and a citation for this source. Your posting should be 1-2 paragraphs long and
expressed in your words, do not copy and paste information.
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