Briefly Explain Why the Law Places the Duty of Disclosure

question 54

Essay

Briefly explain why the law places the duty of disclosure on the insured.

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Definitions:

Human Resource

An organizational function that deals with recruitment, management, and direction of people who work in an organization.

Severe Fines

Substantial monetary penalties imposed on individuals or organizations as punishment for breaches of contracts, laws, or regulations.

Taxes

Mandatory financial charges imposed by governments on individuals or entities to fund public expenditures, with failure to pay typically resulting in legal penalties.

Canada Pension Plan

A mandatory public insurance program in Canada that provides income in retirement, as well as benefits to the disabled and survivors of deceased contributors.