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
Liability policy that covers all liability exposures for a large group that has something in common. For example, wrap-up insurance can be written for all the various businesses working ...
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Model state law of the NAIC that requires that the insurance policy contain language that meets a readability test (usually, the Flesch readability test that uses a formula approach to ...
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Mandatory age of retirement. ...
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