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
Coverage for the owner of an airplane in circumstances where use of the owner's premises as an aircraft hangar results in bodily injury or property damage to a third party. Excluded from ...
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Organization of inland marine insurance underwriters. ...
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Record of ordinary policies that a combination agent is responsible for servicing. ...
Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...
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