Definition of "Warranty"

Shirley Walker real estate agent
Shirley Walker, Real Estate Agent Homeseekers of Idaho

Pledge by an insured in writing, and a part of the actual contract, that a particular condition exists or does not exist. For example, an insured warrants that a sprinkler system works. In exchange, the insurance company charges a reduced premium for fire coverage. Statements by an insured in an application for property insurance are deemed to be warranties, not representations, as is generally the case in life insurance policy applications.

 

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