Chapter 11 - Insurance law. At the end of this chapter you should understand: how a contract of insurance is made, the term ‘cover note’, the concept of insurable interest at common law and how it has been modified by the Insurance Contracts Act 1984 (Cwlth), the concept of indemnity and its operation in contracts of insurance,. | Lecture Fundamentals of business law (4th): Chapter 11 - Margaret L. Barron, Richard . Fletcher