Concealment
Intention to withhold or secrete information. If an insured withholds information on a material fact, about which the insurance company has no knowledge, the company has grounds to void the contract. For example, the insured neglects to tell the company that, within a week of the policy issue date, the manufacture of gunpowder in the insured business's building will commence. If an explosion related to the gunpowder then occurs in the building the company has legal grounds for not paying for the property damage.
Popular Insurance Terms
Provision in an insurance policy that indicates what is denied coverage. For example, common exclusions are: hazards deemed so catastrophic in nature that they are uninsurable, such as war; ...
Factors on the application that must be evaluated in order to complete the underwriting process: age; sex; physical condition; personal health history; family health history; financial ...
form of BOILER AND MACHINERY INSURANCE that covers power generating plants. form of BUSINESS INCOME COVERAGE FORM that covers a utility customer's losses resulting from interruption of ...
Liability insurance coverage for claims arising from acts that occurred before the beginning of the policy period. Policies written on a claims made basis, such as malpractice liability ...
Coverage for bodily injury and property damage liability resulting from the nuclear energy material (whether or not radioactive) on the insured business's premises or in transit. This ...
Property coverage for a builder of ships until possession passes to the owners. Protects against pre-launch and post-launch perils. Coverage can be purchased on an all risks basis subject ...
Total estimated cost incurred by a person or persons, a family, or a business resulting from the death or disability of a wage earner (key employee), damage or destruction of property, ...
Fidelity bond provided under a blanket position bond (in which each position is covered on an individual basis) or a commercial blanket bond (in which a loss is covered on a blanket basis ...
State laws based on a model law of the National Association of Insurance Commissioners (NAIC) that allow insurers to set rates independently; or adopt those rates developed by a rating ...
Have a question or comment?
We're here to help.