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A complete course of study providing education and training to allow the student, to learn how to deal with the equitable remedy of rescission as a method to defeat insurance fraud or policies acquired innocently by fraud, misrepresentation, concealment or mistake. The course reviews the law of rescissions, the elements of the equitable remedy, and how to declare a policy void.

This twelfth course in the series provides a representative of an insured sufficient knowledge to avoid misrepresentation, concealment, fraud or mistake in acquiring a policy to avoid rescission by the insurer. The insurer’s representative learns everything that is required of an insured to assist an insurer in its investigation, defense and defeat of insurance fraud or policies of insurance obtained by deceit.

The Course covers the following:

  1. An explanation of the equitable remedy of rescission.

  2. How rescission can be used as a means to defeat insurance fraud.

  3. The historical basis of the equitable remedy of rescission.

  4. The elements required to prove it is appropriate to rescind a policy of insurance.

  5. What an insurer must prove to rescind a policy of insurance.

  6. How to detect the difference between a true and false representation.

  7. How to determine that a misrepresentation or concealment is material.

  8. What must be done to rescind a policy of insurance.

  9. A review of particular court decisions that resulted in an effective rescission.

  10. A discussion of claims of post loss underwriting and why it is an oxymoron.

  11. What an insurer must do before electing to rescind a policy of insurance. Prerequisites:

 

The first eleven courses of the Certified Expert in Corporate Liability Insurance program are prerequisites and it would be helpful to complete the Certified Expert in Corporate Property Insurance Program.

Learning Objectives

  • Discover what the equitable remedy of rescission is.
  • Explore how to use the equitable remedy of rescission to avoid a policy and a claim.
  • Identify the elements an insurer must prove to effectively rescind a policy of insurance.
  • Explore how liability insurers investigate a claim to determine if there is any basis for asserting the right to rescind a policy of insurance.
  • Identify each of the defenses available to insured’s whose insurer attempts to rescind.
  • Discover that it is the duty of the insured to honestly describe the risk it asks an insurer to insure.
  • Discover how to recognize insurance fraud and how it relates to an application for insurance.

Included In Certifications

This course is included in the following Expert Certifications:

15 CoursesCertified Expert in Corporate Liability Insurance

  1. Corporate Liability Insurance: Excellence in Claims Handling
  2. How to Acquire a Policy of Third Party Liability Insurance
  3. How to Read and Understand a Liability Insurance Policy
  4. The Necessity For An Honest And Complete Application For Insurance
  5. The Law of Contracts for the Insurance Professional
  6. The Law of Torts
  7. Ethics for the Corporate Liability Insurance Professional
  8. The Covenant of Good Faith and Fair Dealing
  9. Interviewing Techniques For The Corporate Liability Insurance Professional
  10. Corporate Liability Insurance Fraud Prevention
  11. Corporate Liability Insurance: Rescission - An Equitable Remedy
  12. The Duties Of An Insured Presenting A Third Party Bodily Injury and Property Damage Claim
  13. The Statement And the Investigation of Third Party Liability Insurance Claim
  14. Compliance with Good Faith Settlement Practices Regulations
  15. Corporate Liability Insurance: Millions For Defense Not A Dime For Tribute

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  13:38Introduction to Course 12: Rescission- An Equitable Remedy
  15:23Mistake
  9:02Misrepresentation
  7:23How is a Policy of Insurance Rescinded
  10:00How is a Policy of Insurance Rescinded Cont'd
  12:14"Post Loss Underwriting" is an Oxymoron
  8:33Before Electing to Rescind
CONTINUOUS PLAY
  1:16:13Course 12 - Rescission - An Equitable Remedy
SUPPORTING MATERIALS
  PDFSlides: Rescission - An Equitable Remedy
  PDFRescission - An Equitable Remedy Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM