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
Legal case in which the United States Supreme Court held that pension assets are to be excluded from the bankruptcy estate of the plan participant. ...
Trust that is established by people still alive. ...
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Statistical projection of future illness, sickness, and disease. ...
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