Malaysian Business Law Q1. 

a. Selvi has filled up an insurance proposal form and submitted the form to an insurance agent. The agent submitted the form to the insurance company. The insurance company agreed to insure Selvi's life and asked Selvi to pay the first premium of RM105. Based on the above situation, explain the elements of offer, acceptance, consideration, intention and certainty of an insurance contract. You do not need to discuss any statutory provision or case authority. 

b. Thiru has taken a fire insurance for his shop from Tetap Teguh Assurance (TTA). On 25 August 2019, Thiru was given a cover note pending an insurance policy being issued by TTA. Pursuant to a clause in the cover note, TTA shall be notified in writing of not more than three working days from the date of any fire occurrence. On 31 August 2019, Thiru’s shop was caught on fire. Since 31 August 2019 to 2 September 2019 were public holidays, Thiru waited until 3 September 2019 to call TTA and informed about the fire. On 6 September 2019, Thiru informed TTA in writing about the fire. Based on the above situation, determine whether TTA may or may not refuse to pay compensation to Thiru. Support your answer with one (1) legal principle and one (1) case authority relating to the law of insurance.

Answer rating: 100% (QA)

Answer a The offer of insurance is from the insura... View the full answer