Exam term
Material fact (insurance)
A fact that, had the insurer known it, would have led it to decline the risk or charge more. Only a material misstatement justifies rescission.
Lessons that use this term
- Insurable interest, indemnity, and utmost good faith California
- Concealment, warranty, and representations California
- Insurance contract law and its unique characteristics New York
- Contract legal concepts: indemnity, utmost good faith, representations, warranties, concealment, fraud, waiver, and estoppel New York
- Application mechanics: signatures, changes, and incomplete applications New York
- New York required life policy provisions: misstatement of age, statements of the applicant, and proof of death (Ins. Law 3203-3204) New York