Insurance Policy Representation Definition
Representation refers to the act of disclosing important information either in written form or orally that will help the one being disclosed to form the proper course of action.
Insurance policy representation definition. A representation is a factual statement made by the insured at the time of or prior to the issuance of the policy to give information to the insurer and otherwise induce him to enter into the insurance contract. Representations and warranties insurance is an insurance policy used in mergers and acquisitions to protect against losses arising due to the seller s breach of certain of its representations in. Material misrepresentation in the context of insurance is a false statement the applicant makes when applying for a policy. A statement made in an application for insurance that the prospective insured represents as being correct to the best of his or her knowledge.
What is a representation. Representation and misrepresentation in insurance. Definition features explained distinction between representations and warranties in insurance. If the insurer relies on a representation in entering into the insurance contract and if it proves to be false at the time it was made the insurer may have.
Failure to disclose important information might nullify the insurance contract. A representation may be oral or written. Introduction to representation and warranty insurance. Profits unless those exclusions are included in the loss definition in the underlying purchase agreement.
If rwi policy is the buyer s sole recourse the seller is generally willing to provide a. If the insurer relies on a representation in entering into the insurance contract and if it proves to be false at the time it was made the insurer may have legal grounds to void the contract. Representation definition representation a statement made in an application for insurance that the prospective insured represents as being correct to the best of his or her knowledge. Implied warranties are those which would apply even though not mentioned in the policy e g warranty of sea worthiness in marine insurance.
In insurance this information is crucial to the crafting of the policy by the insurer.
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