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Chapter IPT03720

Document Cited in Related
Vincent
Published date15 April 2016
Record NumberIPT03720
CourtHM Revenue & Customs
IssuerHM Revenue & Customs

The following are two definitions of a contract of insurance.

The first is taken from Prudential vs. IRC [1904 KB 658]__, which was an important test case and leading authority:

A contract of insurance then, must be a contract for the payment of a sum of money, or for some corresponding benefit such as the rebuilding of a house or the repairing of a ship, to become due on the happening of an event, which event must have… some degree of uncertainty about it and must be of a character more or less adverse to the interest of the person effecting the insurance.

The second is taken from ‘Chitty on Contract’ which is a leading publication on contract law:

A contract of insurance is one whereby one party (the insurer) undertakes for a consideration to pay money or provide a corresponding benefit to or for the benefit of the other party (the assured) upon the happening of an event which is uncertain, either as to whether it has or will occur at all, or as to the time of its occurrence, where the object of the assured is to provide against loss or to compensate...

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