Material Misrepresentation
Falsification of a material fact in such a manner that, had the insurance company known the truth, it would not have insured the risk. A material misrepresentation gives an insurance company grounds to rescind a contract.
Popular Insurance Terms
Sum the insurance company is legally obligated to pay an insured for losses incurred. ...
(Formerly the American College of Life Underwriters) accrediting body for the CLU (Chartered Life Underwriter) and the ChFC (Chartered Financial Consultant) designations. Provides ...
Provision in workers compensation insurance under which an employee who incurs an injury in another state, and elects to come under the law of his home state, will retain coverage under the ...
Life and health insurance business for which the prospective insured or insureds have signed the application, completed the medical examination, and paid the required premium. ...
One of four SEC divisions that enforces the federal securities laws in federal courts and before SEC's administrative law judges by bringing actions for violations. ...
To place insurance in force on an individual, individuals, or an organization. ...
Provision in a property, liability, or health insurance policy stipulating the extent of coverage in the event that other insurance covers the same property. ...
Date, in insurance, on which a person becomes one year older. Depending on the insurance company, premiums in life and health insurance manuals are figured to the age-nearest-birthday or ...
Need for an insurance policy to be paid up or to be paid for a minimum number of years before the insured is eligible to receive any benefits. This requirement is typically found in ...
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