Understanding Policy Wordings

Understanding Policy Wordings

Whilst considerable effort has been made to devise the perfect policy wording, free from ambiguity and precise in its meaning, it is probably fair to say that there remain some questions regarding interpretation of policy wordings.

This session explores the rules of contract interpretation and how they apply to insurance situations.

Course duration: 1 hr

Medium: On-line

Who should attend?

The workshop is suitable for anyone who is involved in general commercial underwriting, claim handling or broking.

Course Objectives

By the end of the session, attendees will:

•       understand basic policy wordings for general insurance business and how they should be interpreted

•       apply the generic rules of contract interpretation to insurance contracts

•       know how to apply principles concerning the operation of policy conditions affecting claims/complaints for general insurance business

Course Content

·         Responsibilities of brokers/underwriters concerning the wording of a policy

·         Key elements of the insurance contract

·         Summary of legal cases which assist in the interpretation of the policy

·         When and why exclusions and “conditions precedent” can be applied

·         Considering the intention of the underwriter behind the policy wording.

There will be an opportunity to ask questions and provide observations at the end of the session.