Informed Insurance Choice?

Informed Insurance Choice?

The Insurer’s Pre-Contractual Information Duties in General Consumer Insurance

Leander D. Loacker

The direction and clarity of the author's argument is commendably clear. Thus it is clear at the outset that he is mainly concerned with pre-contractual information duties as they affect consumers, and thus standard form contracts—although, he argues, individualised information duties, will have a significantly more important part to play in the future, and he gives some consideration to these.

PART II: About information and its disclosure in general

Leander D. Loacker

Subjects: law - academic, commercial law, consumer law, finance and banking law, insurance law, law of obligations


The present study is neither a work about the economics of information nor about the economic analysis of law as such. Nevertheless, it seems highly appropriate to illuminate, at least briefly, some of the most essential findings that have been generated in both areas of research for questions dealt with in this book. Taking such a lateral approach is to be recommended, if nothing else, in order to become aware of the fact that the law of insurance as a specific part of business law is necessarily concerned with problems relating to the diverse information interests of the market participants involved. Since it is beyond dispute that the law has important implications for the economic structure and its performance, there is no reason to expect that the converse is not true (at least in a certain way). Assuming that one of the central functions of contract law in general is to provide for a fair balance of interests, it is also worth identifying the basic requirements which have to be fulfilled in order for economists to consider a legal rule or its practical results and future effects convincing. When doing so, it must not however be overlooked that ‘just’ in the legal sense of the word does, in fact, not have to simultaneously take on the meaning of ‘right’, as seen from an economic perspective.

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