This end meaning of Investment, as mutated by the policy Provisions, Privileges and Conditions, is denied legal effect for the following reasons:

The mutation of the generally understood meaning of ‘invested’, by the policy Provisions, Privileges and Conditions, also constitutes a material fact, which material fact is highly relevant to one’s decision when choosing between an Endowment Mortgage and a Repayment Mortgage. The failure of both First National and Irish Life to disclose this material fact constitutes a Misrepresentation.


(See Section 2.3.4: The Duty to Disclose and Silence as a Misrepresentation. See also Section 2.8.1: The Right to Revoke the Contract, and Section 2.8.3: The Measure of Damages as a result of a successful Action based on the Common Law liability under Negligent Misrepresentation.)

As we have already shown, the representations of both First National and First National / Irish Life, prior to contract, gave the impression that all premiums paid to Irish Life were invested in the Home-Way Mortgage Fund. This impression was false.


The following rhetorical questions must therefore be posited:

Did First National know that they were giving a false impression when making oral representations and giving advice prior to contract?

Did First National / Irish Life know that they were giving a false impression when making written representations in their Mortgage Quotations prior to contract ?

Did First National wilfully shut their eyes to, or purposely abstain from inquiry into, the facts relating to the investment process pertaining to the Endowment Mortgage Contract, when making representations and giving advice prior to contract?

With respect to the pre-contract representations (oral and written) of Investment, do the facts withheld render those representations false?

Did Irish Life know that their agent would make representations, or would be likely to make representations, that give a false impression, and yet, deliberately, did not intervene? 


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We have already (in Section 4.10.3) asserted that First National and Irish Life knew that they were giving a false impression of Investment prior to and at the time of contract. There was most certainly an absence of honest belief in their representations (both oral and written) of Investment.


But the Misrepresentation of Investment, and the foreknowledge that a false impression would be given, is most forcefully evidenced by the extraordinary measures taken to CONCEAL.


The ingenious Labyrinth used by the Life Assurance Company (in this case Irish Life) to conceal their intended meaning of Investment could only have been contrived to hide a shame.


Its very existence evidences guilt: it implies a foreknowledge that that which is concealed would be unacceptable if disclosed truthfully. It is male fide active concealment with intent to deceive.


It imparts, to the apparent disclosures of fact by both First National and Irish Life prior to contract, the status of a base Deceit.


(See Section 2.3.2: Fraudulent Misrepresentation, and Section 2.7: The Effect of Agency. See also Section 2.8.1: The Right to Revoke the Contract, and Section 2.8.2: The Measure of Damages as a result of a successful Action based on the Common Law liability under Fraudulent Misrepresentation.)