I'll take a stab at it; 1) Knowingly/intentionally supplying wrong/incorrect or misleading information
2) to gain/aquire coverage/policy
3) Had the company known the correct/true information that would not have taken on the risk/insured/policy.
this policy is that policy which is fluctuating in nature and the shareholders do not generally go for this dividend policy.
1- problem identification 2- policy formulation 3- agenda setting 4- decision making 5- policy implementation
Write an essay on the impact of policy dynamics on policy changes within the policy making process in the public sector
is their a law that we must implement the two child policy?
1997
Misrepresentaion of a risk or concealment of a risk factor is legally considered fraud by the applicant. Misreprentation or concealment is an intentional attempt to obtain coverage or enduce an insurer to accept a risk that it may not have accepted or would otherwise have been rated differently should the applicant have been truthful from the beginning. An insurer is not required to pay losses incurred under a fraudulently obtained policy and could even result in criminal prosecution of the applicant.
The Incontestable Clause in a life insurance policy states that after the policy is In Force two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
(1) The defendant made a false representation of a past or existing material fact susceptible of knowledge. (2) The defendant did so knowing the representation was false, or without knowing whether it was true or false. (3) The defendant intended to induce the plaintiff to act in reliance on that representation.
Refer to the Incontestable Clause in your life insurance policy. The Incontestable Clause states that after the policy is In Force two years, the company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
You can find this by looking at the "Incontestable Clause" in your life insurance policy. The "Incontestable Clause" states that after the life insurance policy is in force for two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
The Contestability Period in a life insurance policy is usually two years. You can find this by looking at the "Incontestable Clause" in your life insurance policy The Incontestable Clause states that after the life insurance policy is in force for two years, the insurance company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy.
bait and switch
policy to prevent bank profitable is the important policy that can prevent profit of bank when the monetary policy change
A material fact is any fact that would reasonably influence an insurers underwriting decision on a policy, i.e.: would influence their decision whether to issue a policy or the premium for the policy. For example, if you apply for an automobile insurance policy and represent that you are accident and violation free, when in fact you were responsible for a DUI accident last year, your misrepresentation is considered material as the insurer would not have issued the policy if in possession of the facts. Conversely, if you insure a 2009 F-150 Black pickup truck when the vehicle is , in fact, a 2009 F-150 Green pickup, the misrepresentation is not material as it would not influence the decision to insure or the premium charged. The effect of a material misrepresentation varies by state. In the majority of states, known as increase in risk states, a material misrepresentation is grounds for recission of the policy, i.e.: the policy is declared void ab initio (from the beginning) effectively no policy ever existed and any intervening losses are uninsured. In a minority of states, known as contribute to risk states, the misrepresentation must actually contribute to a loss for the loss not to be covered, e.g.: you represent that a wood framed & sided building is fire resistant masonry construction and the building burns to the ground. Life insurance is treated similarly with the exception that policies are required to contain incontestability clauses which prevent recission after the passage of a period of time (typically two years).
No, the Insurance Company has no right to cancel policy even if you sue them, unless you have failed in timely renewal or did any contractual violation like concealment of facts, that can jeopardize the basic objective of an insurance policy.
If your insurance policy was voided, then you all for all intents and purposes are "Uninsured", You'll have to pay for damages and injuries out of your own pocket.It is very rare that an insurer would void your coverage. This sort of thing is usually only done in cases where there is clear indication of Fraud, Misrepresentation or Concealment on the part of the Insured.AnswerIf there was fraud involved or the policy was not in affect because of not paying the premium, they can void the contract and do not have to pay any claims.
No. A life insurance company can only void a policy if there was material misrepresentation. A material misrepresentation refers to a misstatement on an application for insurance, of a material fact that. A material fact refers to a fact that, had the insurer known the truth, the insurer would either have refused to issue the policy, or would have issued it in a different amount or on different terms. Usually, once a life insurance policy has been in force for 2 years, the "incontestability clause" prevents the insurer from relying upon a misrepresentation to rescind (void) the policy. Therefore, once the 2 year period passes, the insurer is liable on the policy even if the ultimate cause of death is cancer. That, of course, presumes that the policy is in force at the time of death.