Introduction
The financial director of a holding company which has a number of specialized operational subsidiaries wants a single set of policies taken out by the holding company to cover all the risks of the subsidiaries. One such subsidiary is a marine operation operating from the Durban harbour and that has a boat valued at R20 million.
The theory surrounding the fundamental principles of insurance, namely indemnity insurance, materiality, duty to disclose and insurable interest will be discussed. Thereafter, the above for mentioned concepts will be applied to the report at hand. Additionally, the outcome of Lorcom Thirteen (Pty) Ltd v Zurich Insurance Company South Africa 2013 case 54/08 [the Lorcom case] as well as Manderson t/a Hillcrest Electrical v Standard General Insurance Co Ltd 1996 (3) SA 434 (D) [the Manderson case] will be used to support the argument. Finally, the financial director will be advised as to the appropriate set of policies for the holding company regarding the subsidiaries.
Indemnity Insurance
Indemnity is the most important principle in short-term insurance law. The principle of indemnity prescribes that where the actual loss of the insured is indemnified to the insured by the insurer. The purpose of indemnity as expressed in the English case of Castellain v Preston (1883) 11 QBD 380 (CA) 386, is to restore the insured to the position quo ante. Indemnity insurance is in respect of property or the liability of the insured towards a third party in respect of damages caused to that third party by way of loss or damage to property.
In the Manderson case, the plaintiff owned an electrical business which specialised in the wiring of buildings. He hired an independent contractor to repair the domes...
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...t to be known by it. Thus, in having a single set of policies governing various operational subsidiaries, the financial director may fail to have knowledge of every circumstance in each subsidiary and the failure of such non-disclosure could be to the holding company’s detriment when claiming a loss or damage.
Conclusion
The above mentioned cases and principles indicate how the courts have approached the concept of insurable interest to determine whether an insured is to be indemnified or not. Based on the facts of the case at hand and the request of the financial director, it can be suggested that a single set of policies governing the various operational subsidiaries of the holding company is not recommended as there is a danger that not all risks will be insured. It is advised that the financial director rather have individual policies for each subsidiary.
Billy Wilder’s film Double Indemnity uses a considerable amount of German Expressionism techniques. A crystal clear example of this is at the end of the film when Walter goes to meet Phyllis at her house, when he opens the door a long and sharp shadow appears across the wall. This is a technique used in one of the most famous german expressionism films Cabinet of Dr. Caligari. In order to get this effect, Wilder is using low-key lighting so the shadow is obvious to the audience. In this film, long and sharp shadows as well as inky blackness often appear on the screen, this is a major characteristic of german expressionist films. The mise en scene reinforces the darkness in the style and tone. These films emphasize
In Billy Wilder’s 1944 blockbuster hit Double Indemnity, a fast-talking insurance salesman named Walter Neff (Fred MacMurray) visits the home of the seductive Phyllis Dietrichson (Barbara Stanwyck) to renew the insurance policy on her husband’s automobiles. A romantic affair shortly ensues, and Walter is soon coerced by Phyllis into plotting a murder. Walter then comes up with an idea to receive double the amount Phyllis had previously intended, and they eventually deceive Mr. Dietrichson (Tom Powers) by making him sign a double indemnity insurance policy which in return states that the widow will receive full compensation on behalf of the bearer’s death. Mr. Dietrichson’s death is then made to look accidental; however, all does not go according to plan when Barton Keyes (Edward G. Robinson), a diligent insurance investigator conducts an examination of the case file. It is a tale of love and betrayal where Walter and Phyllis inevitably face the repercussions of their actions. The story transitions from the present to the past with the use of flashbacks. The voice of Walter Neff is used as a narrative style in the form of an office memorandum which is integrated throughout the film. The movie opens and ends with Walter as he tells the story of killing a man to Keyes through the Dictaphone. Billy Wilder uses money, a woman and the ability to cheat the system to denote Walter Neff’s motives to commit the perfect crime.
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Adapted from the novella written by James M. Cain, Double Indemnity is a melodramatic film noir that highlights the conflict its characters face through adultery and murder which develops from the dissatisfaction and alienation that arose in the era of modernity as shown in most noir films. Unlike most noir films, Double Indemnity set the bar in terms of structural themes to follow and elements that eventually came to be considered essential in the noir genre. The film was seen to be a full embodiment of what the genre should be. Double Indemnity is an archetypal noir film, which portrays noir elements through its style, the characters, its writers’ backstory and the history of Los Angeles, the city in which it is set. This essay will examine how Los Angeles is integrated not only into the location but also into the storyline of the characters and their motivations but also the filmmakers’ lives. It does this through characteristic noir motifs like “the urban cultural landscape, the lack of rootedness of the characters, and the self-deceptions that center their world” (p. 437) affect the protagonists in the film. Double Indemnity’s use of Los Angeles as its primary location exposes the innate decadence and decay of the city through film noir stylistic elements. Billy Wilder directed Double Indemnity and the film became the archetypal noir film because it embodied all the characteristics of a typical noir film, which include “claustrophobia, paranoia, despair and nihilism” (Place and Peterson, p. 327) course kit source. Los Angeles, the city used primarily as the location in the film becomes not merely a backdrop but a character in the film through its physical and implied characteristics. The context through the stories of Wild...
Blade Runner (1982), an essential film in the science fiction canon, depicts Rick Deckard (Harrison Ford) as he tries to track down the last replicants (bioengineered androids) on Earth. His mission to “retire” the remaining replicants turns complicated when he falls in love with one of them, causing him an existential crisis. Although Blade Runner is a notable example of the science fiction genre, it shares many similarities with some of the classic films noir. For the purpose of this paper, a comparison based on visual style, character types and narrative patterns between neo-noir Blade Runner and classic noir Double Indemnity (1944) will be made.
Double Indemnity and Body Heat are two movies that deal with heated passion, tainted love, and reckless murders. Double Indemnity was created before Body Heat in the 1940's setting the tone for the film noir period of movies. Whereas the movie Body Heat created in the 1980's is a Neo-noir film that recreated certain elements from the film noir type movies. On a side note, Double Indemnity and Body Heat were both directed by men which is another similarity between the two movies. Double Indemnity clearly paved the way for Body Heat by giving audiences an updated version of the same story directors had created 30 years ago. Body Heat gives the audience a new perspective on just how far someone will go to be with the person they love. Both movies
The construction site was in a downtown area of a large southeastern city, criss-crossed with city streets, utilities, and immediately adjacent to mid-rise and high rise buildings. Nearly all of the work was required to be constructed within temporary piling structures to limit settlement of adjacent structures. The construction contract called for seven phase releases of work areas and nine completion milestones, each milestone has its own liquidated damages penalty. The construction contract was valued at $10 million, and the duration was 545 calendar days. Following the completion of the work, the contractor filed a claim for $5.5 million and 1.1 million in interest. The authority subsequently denied the claim and the contractor, in accordance with the contract, filed an arbitration demand with the American Arbitration Association. Following the contractor’s issuance of the demand letter, the parties agreed to resolve the dispute through negotiation” (Ray,
Sollars, G. C. 2001. An appraisal of shareholder proportional liability. Journal of Business Ethics, 32(4), 329-345.
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Literature is not only something that based on authors' imaginations, it also shapes or reveals the social reality for a certain period of time. Literature styles have always been changing through decades due to the trend of society. In some literatures, we see the authors portray the life in society through a certain character setting or convey a message to a certain group of people. But some literatures assist to shape the society culture by conveying idea of righteousness and immorality to the audience after showing how the society looks like to themselves. Genres is also something that related to the society trend and it is adding up along times. Simple example about the Facebook comments. Because
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Basu, S. (2010). Insuring the investment portfolio. Journal of Financial Service Professionals, 64(6), 8-11. Retrieved from http://www.financialpro.org/index.cfm
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