Material Fact
Definition of "Material fact"
Same as term Material Misrepresentation: falsification of a material fact in such a manner that, had the insurance company known the truth, it would not have insured the risk. A material misrepresentation gives an insurance company grounds to rescind a contract.
Popular Insurance Terms
Marine insurance contract clause that limits an insurance company's liability. The company agrees to pay only losses that exceed a percentage or flat dollar amount; partial (below this ...
Employer's obligation to fund a pension plan for the time period when employees were qualified to participate but the plan was not yet established. For example, a pension plan is ...
Same as term Assignment Clause: feature in a life insurance policy allowing a policyowner to freely assign (give, sell) a policy to another or institution. For example, in order to secure a ...
Same as term Explosion, Collapse, and Underground Exclusion: inherent danger resulting from certain construction procedures that are excluded from general business liability policies. ...
worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Record of debit or industrial insurance policies. ...
Exposure created by an individual acting as a host serving alcoholic beverages at no charge to persons already intoxicated, resulting in these intoxicated individuals causing property ...
Company owned by its policy owners; no stock is available for purchase on the stock exchanges. ...
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