4.7-8 Misrepresentation, Concealment, and Fraud definitions (Property)

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Fraud

a deliberate misrepresentation that causes harm

Material fact

a fact that can make an insurer decline a risk, charge a different premium, or change the provisions of the policy that was issued.

Misrepresentation

a written or verbal misstatement that will void the policy if it concerns a material fact

Concealment

similar to misrepresentation, except that the material fact is withheld


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