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
Coverage in liability insurance for a ship owner in the event of collision with another ship. A running down clause, when added to basic hull marine insurance, protects against liability ...
Mortality table used to calculate the legal reserve and life insurance policy cash surrender values. ...
Liability incurred by a parent by reason of a tort committed by his or her minor child. ...
Agreement in which spouse X (the spouse who is mandated by the court to make alimony and/or child support payments to spouse Y) must put assets (the principal) in a trust, from which the ...
Decrease in value of property as the result of technological advancement and/or changing social mores. This factor is used to measure the amount of depreciation in determining the actual ...
Coverage under a homeowners insurance policy in the event that a credit card is fraudulently used or altered. Fraud includes theft and the unauthorized use of a credit card. ...
Life insurance in which the debit system is used to collect premiums on a monthly basis. ...
Same as term Commercial Health Insurance: coverage that provides two types of benefits, disability income (DI) and medical expenses. Sold by insurance companies whose business objective is ...
Approach that maintains injury or sickness begins when it is first detected by an obvious appearance. This argument is used in determining if liability insurance is afforded in a particular ...
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