Insurance Policy Reformation Definition
The insurance company attempted to rely on the theories of ratification modification and reformation of the policy.
Insurance policy reformation definition. Read on to discover the definition meaning of the term reformation to help you better understand the language used in insurance policies. At the time of the insurance policy purchase the insured purchased a homeowner s policy with an overall coverage limit of 500 000. Reformation a remedy available to an insurer when an otherwise valid insurance policy does not as written fully or accurately express the agreement of the insurer and the insured because of fraud. Reformation definition reformation a remedy available to an insurer when an otherwise valid insurance policy does not as written fully or accurately express the agreement of the insurer and the insured because of fraud inequitable conduct or mutual mistake.
The homeowners policy is a specialized policy of insurance that protects the homeowner from certain risks of loss to the real and personal property at the home the exposure the insured faces for injury to a household employee. Reformation of insurance policies due to mutual mistake. The plaintiffs sued occidental and others asserting among other things claims for reformation of the insurance policy and breach of contract. It is obtained by making contact with the insurer as a prospective insured seeking insurance.
An insurance policy may be reformed where by reason of fraud inequitable conduct or mutual mistake the policy as written does not express the actual and real agreement of the parties american sur. The insurance company added beverly shearer the wife to the action and the insurer amended its defenses and stated that the acts of richard shearer established his wife was a co insured under the policy. Insurance is a contract between a person seeking insurance and an insurer. Reformation of a contract is an equi table remedy.
So a policy will be reformed to express the actual contract made with the agent in obtaining the insurance although such contract differs from the expressed terms of the policy and notwithstanding it is provided that agents have no authority to make alter or discharge contracts. When the policy fails to accurately express the parties intent in such. An insurance policy may be reformed where by reason of fraud inequitable conduct or mutual mistake the policy as written does not express the actual and real agreement of the par ties american sur. Policy reformation will fail under the mutual mistake.
If memory serves there was even a battle of law review articles sponsored by the insurance industry on one side and corporate policyholders on the other in which the dueling parties tried to out lewis carroll one another. Heise 1955 136 cal app 2d 689 695 696.
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