Explain the common law legal principle of estoppel

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Reference no: EM133237742

Case: George is an accident prone individual and is not in a position to report a loss to his insurer promptly because he has been badly injured in an automobile accident. After his release from the Owen Sound hospital and a short recovery period, he reports the claim to his broker.

Question 1: If the insurer is motivated to minimize the loss settlement amounts as much as possible, briefly explain if the insurer could deny the claim based on the late reporting. How does the principle of equity apply in this situation?

Question 2: If the insurer does deny the claim for late reporting, can George sue the insurer? According to the termination of obligations principle, is there a timeframe in which the lawsuit must be initiated?

Question 3: Explain the common law legal principle of estoppel and briefly describe if it applies in the event that the adjuster initially tells George that the claim will likely be covered, and then later discovers that the loss does not fall within the policy.

Reference no: EM133237742

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