The Failure by an Applicant to Disclose Material Facts That

question 75

Multiple Choice

The failure by an applicant to disclose material facts that an insurer does not know but has a right to know is called:

• A) misrepresentation.
• B) concealment.
• C) waiver.
• D) fidelity.

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Definitions:

Manages Business

The process of organizing, planning, directing, and controlling the resources and operations of a business to achieve its goals and objectives.

Partnership Agreement

A partnership agreement is a legal document that outlines the rights, responsibilities, and obligations of each partner in a business partnership.

Automatic Termination

A provision within a contract that automatically ends the contract under certain predefined conditions without the need for a notice.

Buyout

A financial transaction where a person or entity acquires the entire stake or a substantial part of a company, often resulting in a change of ownership.