A material fact is any fact that would reasonably influence an insurers underwriting decision on a policy, i.e.: would influence their decision whether to issue a policy or the premium for the policy. For example, if you apply for an automobile insurance policy and represent that you are accident and violation free, when in fact you were responsible for a DUI accident last year, your misrepresentation is considered material as the insurer would not have issued the policy if in possession of the facts. Conversely, if you insure a 2009 F-150 Black pickup truck when the vehicle is , in fact, a 2009 F-150 Green pickup, the misrepresentation is not material as it would not influence the decision to insure or the premium charged. The effect of a material misrepresentation varies by state. In the majority of states, known as increase in risk states, a material misrepresentation is grounds for recission of the policy, i.e.: the policy is declared void ab initio (from the beginning) effectively no policy ever existed and any intervening losses are uninsured. In a minority of states, known as contribute to risk states, the misrepresentation must actually contribute to a loss for the loss not to be covered, e.g.: you represent that a wood framed & sided building is fire resistant masonry construction and the building burns to the ground. Life insurance is treated similarly with the exception that policies are required to contain incontestability clauses which prevent recission after the passage of a period of time (typically two years).
Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.
As per Section 45 of the Insurance Act 1938, a life insurer can repudiate the policy on the ground that any material facts in the proposal or document are inaccurate or false within 2 yrs from the date of the issuance of the policy or commencement of the risk.
Credit insurance risk can have significant implications on a company's financial stability. If a company relies on credit insurance to protect against customer defaults and the insurer fails to pay out as expected, the company may face cash flow problems, increased debt, and potential insolvency. This can impact the company's ability to meet financial obligations, invest in growth, and ultimately jeopardize its overall financial health.
No you can't do that.
Yes, it is possible to change insurance coverage while undergoing cancer treatment. However, it is important to carefully consider the implications of changing coverage, such as potential disruptions in care or coverage for ongoing treatment. It is recommended to consult with a healthcare provider or insurance representative before making any changes to ensure continuity of care.
failure to disclose material facts that changes insurable risk
material facts are documents pertaining to the historical events of the facts being justified
Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.
== == Was it admitted on the application? If yes, no problem. If not admitted - check this link for more information on witholding material facts, recission,
insurance cover for personal damages. Excesses can be very high so be sure that you understand the full implications.
The applicant for insurance is responsible for providing accurate answers to material questions on the application. Materiality relates to facts based upon which the insurer decides whether to issue the policy, on what terms (such as if there any exclusions or limitations), and at what premium.
Analyzing the given facts and information to understand their meaning and implications. This involves making connections, drawing conclusions, and deciphering the underlying message or significance behind the facts.
as it differentiate insurance contract from other commercial contract so it is important.A contract of insurance is a contract of Utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts id embodied in this important principle which applied to all forms of insurance.
As per Section 45 of the Insurance Act 1938, a life insurer can repudiate the policy on the ground that any material facts in the proposal or document are inaccurate or false within 2 yrs from the date of the issuance of the policy or commencement of the risk.
A lawsuit involving standard car insurance policies may have legal implications such as determining fault in an accident, coverage limits, policy exclusions, and compliance with state insurance laws. These factors can impact the outcome of the lawsuit and the compensation awarded to the parties involved.
Material facts in accounting depends of the components of accounting whereby the books are either audited or prepared. They include things like bills, vouchers and other relevant documents. Material facts are documents pertaining to the historical events of the facts being justified. Material facts in accounting means those facts that involves material amount and which may affect the financial statements to a great extend and hence needed to be disclosed in the companies financial statement. For more info visit linguee.in
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