Representations and Warranties
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Warranty
An absolutely true statement upon which the validity of the insurance policy depends.
Representations
Statements believed to be true to the best of one's knowledge, but not guaranteed to be true.
Misrepresentations
Untrue statements on the application. Could void the contract.
Breach of warranties can be grounds for....
Voiding the policy or a return of premium.
Material misrepresentation
A statement that, if discovered, would alter the underwriting decision of the insurance compay.
If material misrepresentations are intentional....
They are considered fraud.
