| The duty of disclosure in insurance law should be guided by the principle of consumer protection and the principle of equivalence at the same time. Firstly, in accordance with the inquiry-disclosure principle, the insurer should have the inquiries that would influence the risk assessment listed in a proposal form. The focal point here is the textual content rather than the written form. Secondly, with respect to the scope of the duty of disclosure, the current law has adopted the approach of limited disclosure. In the future, both the subjective standard fixed by individual insurer and the objective standard shaped by the average insurer shall be employed in the determination of whether or not the facts are material in the formation of the insurance contract. In addition, the policyholder needs only to disclose the facts he has already known, which means those facts that are unknown to the policyholder should never be included in the disclosure. Thirdly, the time of the making or acceptance of an offer is the last-minute for disclosure. Fourthly, the legal consequence differs when the duty of disclosure is breached due to different subjective faults. When the policyholder fails to perform the duty of disclosure intentionally, the insurer may dissolve or alter, but cannot rescind, the insurance contract. Though the insurer may repeal the consequence of the breach of the duty of disclosure when the policyholder breaches the duty of disclosure with gross negligence, this right is subjected to the restriction by the right to adjust the contract. As for the compensation, the insurance contract law should substitute the "all or nothing principle" with the "more or less principle" for the sake of consumer protection. Moreover, the insurer's right to adjust the contract is also available in the scenario of breach of the duty of disclosure, even if the policyholder is not at fault. |
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