Insurance Policy Representation Definition
Define representation and warranty insurance policy.
Insurance policy representation definition. 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. Implied warranties are those which would apply even though not mentioned in the policy e g warranty of sea worthiness in marine insurance. Material misrepresentation in the context of insurance is a false statement the applicant makes when applying for a policy.
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. A representation may be oral or written. Misrepresentation is only considered material if it would affect the insurer s decision to accept or reject the application.
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. If rwi policy is the buyer s sole recourse the seller is generally willing to provide a. A statement made in an application for insurance that the prospective insured represents as being correct to the best of his or her knowledge.
Profits unless those exclusions are included in the loss definition in the underlying purchase agreement. In insurance this information is crucial to the crafting of the policy by the insurer. Means that certain representation and warranty insurance policy in the last form provided to the sellers prior to the execution hereof as it may be amended from time to time in the case of any amendments that by their terms adversely affect the sellers with the consent of the sellers not to be unreasonably conditioned withheld or delayed.
Definition features explained distinction between representations and warranties in insurance. Representation and misrepresentation in insurance. Introduction to representation and warranty insurance.
What is a representation. 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.
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