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When an insured makes truthful statements on the application for insurance and pays the requires premium it is known as what?
Wiki User
∙ 12y ago
Consideration
Wiki User
∙ 12y ago
This is known as the principle of utmost good faith, where both the insured and the insurer are expected to act honestly and fairly in their dealings. By providing truthful information and paying the premium, the insured is fulfilling their obligation to disclose all relevant details to the insurer.
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What are statements made in a life insurance application?
In a life insurance application, you would typically be required to provide personal information such as age, occupation, health history, lifestyle habits, and financial details. You may also need to disclose any pre-existing medical conditions, family medical history, and whether you engage in high-risk activities. It's crucial to provide accurate and truthful information to ensure that your policy is valid and will provide the intended coverage.
Is it illegal to give insurance companies false information will it affect your insurance such as changing grades to obtain cheaper insurance If so is it a crime or what?
Providing false information to insurance companies is illegal and can be considered insurance fraud. This can result in penalties such as fines, policy cancellation, or even criminal charges depending on the severity of the deception. It is important to always provide accurate and truthful information to insurance companies to avoid legal consequences.
Is Lying about felonies in an application a felony?
Yes, lying about felonies on an application can be considered a form of fraud or deception, which is illegal. It can result in criminal charges and potential legal consequences, depending on the circumstances and laws in the specific jurisdiction. It is advisable to be truthful and transparent on all applications to avoid any legal issues.
Does a mans wife have the right to be her husbands alibi if statements were wrote?
Yes, a man's wife can serve as his alibi if she can provide relevant information, but it ultimately depends on the credibility of her statements and the evidence supporting them. It is important for alibis to be truthful and verifiable to be admissible in legal proceedings.
If asked on the application if you have a felony and you say yes and you have mor than one is that against the law?
It is not necessarily against the law to have multiple felony convictions, but it may impact your eligibility for certain jobs or programs. It is important to be truthful on applications to avoid potential legal consequences for providing false information.
How do you insure a car that's not in your name?
I'm not sure why you would want to do this. Why is the owner not getting the insurance? You will be asked on the application for insurance who owns the vehicle, if you are not truthful, you risk, (should a claim arrise), ''mis representation'' on the application and the entire claim can be denied for this. (including the damage you/owner are responsible for to other people)
What insurance will cover your methodone medicatioin?
If you are already a drug addict then no insurance company in the known universe will pay for methodone treatment. This is called a pre-existing condition. I would be surprised if any company will even issue you a policy at all. Every application asks if you have used any illegal drugs in many years. They also ask you to list legal drugs that you have taken in a number of years. If you are not truthful on the application they will not pay and if you are truthful they will not insure you anyway.
Which is an example of ethical speechmaking?
demonstrating expertise on the topic informing listeners of negative side effects while speaking about a new wonder drug making reliable and truthful statements c) d)
Will accident on friend's insured car affect my driving record and my car insurance?
I guess you were driving? The ticket (if you received one) may, also if a clue is run then that too may show up. Be sure and be truthful when filling out any application for insurance.
Do you know of any truthful statements by Barack Obama regarding his past?
On the contrary, I do not know of any untruthful statements by Barack Obama regarding his past.
Which law requires truthful labels?
the Pure Food and Drug Act.
Do you require to tell your other car insurance company you had an accident?
Sure. On your insurance application that you fill out when applying for auto insurance you agree that you are reporting any and all accidents and tickets. Most likely the insurance company will find out anyway through a system call C.L.U.E. If you are truthful to the agent when shopping for insurance they can usually give you a better rate based on the information given.
What are the fraud regulations for the section 8 program in Erie pa?
The Section 8 program requires that applicants should be completely truthful on the application. Applicants who lie may lose the housing or face criminal prosecution.
Can you own your car and register and insure it in the same persons name?
If you own the car it should be registered and insured in your name as well as any other person in your household expected to drive the car. You do not need to insure a vehicle that you do not own. The insurance must be in the name of the person who is the legal owner of the vehicle. When you sign the insurance application you state that you own the vehicle and have listed all drivers and household members on the application. If you are not truthful on the application they will not and probably cannot pay any claim.
Can a insurance company deny my claim if i dont add someone to the policy whose drivers license is suspended or don't have a license?
Yes. Carefully read the application and questions on the application. If this is the person driving the car when the claim happens then I can almost guarantee that the claim will be denied. Most policies state that if someone drives the vehicle who you know or should know has a suspended drivers license or no license then no coverage will be afforded. It also stated that you agree to list all household members whether or not licensed and any and all regular drivers, whether or not licensed. You always need to be truthful on the application as the application along with the policy makes up the legal insuring document. A legal contract is made up of responsibilities that you agree to and that the insurance company agrees to. You agree to be truthful, to give the insurance company all information to rate and underwrite the policy, and to pay your premiums in a timely manner. The insurance company agrees to accept your risk of loss up to the limits you purchase and to defend you against claims. If you are not truthful that is just as bad as not paying the premiums in that it breaks the contract on your part and therefore the company does not have to uphold their end on the contract.
As a New York statedriver who pled guilty to a speeding ticket in Virginia and is about to switch car insurance companies with no points on your license will the new insurance company find out about y?
== == If you fail to be TRUTHFUL in your application to the new company, and they do FIND OUT ABOUT IT, they will drop you like a dead fish. And then you will be out in the cold, with no hope of getting ANY insurance coverage. Tell the truth, and get on with it, and remember to slow down.
Can you be denied life insurance money if someone was murdered but they may have had drugs in their system?
Read the policy. Generally under most individual life insurance policies, after the first two years the policy will cover death under about any circumstances. Of course, under most state laws the person committing the murder cannot be the beneficiary so payment would be to the secondary beneficiary or the estate of the insured. If it is within the first two years that the policy has been in force, this is called the contestable period, and coverage could be denied if you were not truthful on the application or for suicide. In your description where illegal drugs were in the system of the insured. On the life insurance application the question is asked if you have ever consumed illegal drugs. Say you answered no to this question but after this suspicious death occurred the insurance company found a charge on your policy record for driving under the influence of drugs or drug possession that occurred before the application date. This would be considered material misrepresentation and coverage would probably be denied because you lied on the application and if you had be truthful the application would not have been issued.
