The Ontario Court of Appeal`s decision in Van Huizen v. Trisura Guarantee Insurance Company, 2020 ONCA 222 highlights the distinction between an insurance policy and an insurance contract; in particular, the importance of that difference in determining whether an insurer`s duty of defence is fulfilled for persons participating in a group insurance program. Principle of renunciation and estoppel. The waiver is a voluntary waiver of a known right. Violation of the law prevents a person from asserting these rights because he or she has acted in such a way as to deny the interest in the observance of these rights. Assume that you will not disclose certain information contained in the insurance application form. Your insurer does not ask for this information and issues the insurance policy. It is a renunciation. In the future, if a right arises, your insurer will not be able to challenge the contract on the basis of secrecy. This is Estoppel. This is the reason why your insurer must pay the debt.
Insurance contracts are tailored to specific needs and therefore have many functions that are not found in many other types of contracts. Since insurance policies are standard forms, they have a similar boilerplate language in a large number of types of insurance policies. [1] An insurance contract is the section of an insurance contract in which the insurance undertaking specifies the risks for which it offers premium insurance cover at a specified value and interval. As a rule, the insurance agreement also lists the exclusions for insurance coverage, so that the policyholder knows the exact extent of his coverage. Let`s say you didn`t know your grandfather died of cancer, so you didn`t reveal this essential fact in the family history questionnaire when applying for life insurance. This is an innocent secret. However, if you were aware of this essential fact and deliberately withheld it by the insurer, you are guilty of fraudulent secrecy. Not all insurance contracts are indemnification contracts. Life insurance policies and most personal accident insurance policies are non-liability policies. You can purchase a $1 million life insurance policy, but that doesn`t mean the value of your life is that dollar amount.
Since you cannot calculate the net assets of your life and set the price, no compensation contract applies. That procedure arose from an allegedly negligent real estate valuation carried out by another member of the AIC, Mr Barkley. Mr. Barkley was also insured under the master`s policy and had his own individual insurance certificate issued by Trisura (the „Barkley Insurance Agreement“). Mr. Barkley died in October 2016. . . .