Insurance Policy Terms - A Comparative Study of Nigerian, Australian and the Uk Laws

Abstract

This paper attempts to examine the notions and workings of conditions and warranties in three
distinct jurisdictions – Nigeria, Australia and the UK with a view to suggesting policy corrections
and legal amendments for Nigeria’s developing insurance practice. It is discovered that there is a
nagging dearth of literature appraising the significance of insurance policy terms in Nigeria
against the backdrop of other jurisdictions to enhance the Nigerian circumstance. Filling this gap
in knowledge is what this literature has made the theme of its study – critiquing the deficiencies
that the regulatory and legal provisions for Nigerian insurance practice bears for policy terms visà-
vis those of advanced legal systems such as Australia and the UK. Insurance policy terms in
academic and research circles are not discussed about enough, hence this research work. Given
the monstrous impact that misplacing terms of insurance policy can bear for parties to the
contract, it thus becomes a significant issue for discourse. Adopting a qualitative approach of
research methodology, this paper uses books and rated journal articles in the process to achieve
the results it sought to. While it is pointed out that these countries enjoy marked similarity in their
insurance laws owing to their roots with the King’s Law, it is also noted how they each differ
especially in terms of their advancement and equitable approach. Critiquing the defects present in
the common law perception of insurance policy, this seminar paper appraises what these legal
systems have done about improving their insurance laws in that respect. Thereafter,
recommendations are made to push for better conditions for the operations of the terms of
insurance contract especially as Nigerian insurance laws are affected.