Term
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Definition
| Statements made on an application for insurance that the applicant believes to be true to the best of his or her knowledge and belief. |
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Term
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Definition
| An untrue statement or statements made by the insured, usually at the time when an application is made. |
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Term
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Definition
| The failure of the insured to reveal relevant fats known to the insured when applying for insurance. |
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Term
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Definition
| An intentional act designed to deceive and induce another party to part with something of value. |
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Term
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Definition
| Something that becomes part of the contract and is a statement that is considered to be a guarantee 100% of the time. |
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Term
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Definition
| A warranty is a policy condition, based either on information given by the insured in an application or inserted by the insurer in the policy. ex. in an ocean marine policy a clause warrants that the ship is in good condition. An incorrect statement by the insured (a breach of warranty) may void coverage. |
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Term
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Definition
| States that a policy includes coverages that an average person would reasonably expect it to include, regardless of what the policy actually provides. |
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