Examlex
Shared policies refer to
Breach of Contract
occurs when a party fails to fulfill their obligations under a contract, either by not performing as promised, by interfering with another party's performance, or by repudiating the contract altogether.
Incontestability Clause
A provision in insurance policies that prevents the insurer from disputing the policy's validity after it has been in force for a specific period, usually two years, except under certain circumstances.
Material Misrepresentation
A false statement of a substantial fact that induces someone to enter into a contract or transaction.
Insurance Application
A formal request for coverage, providing necessary information for underwriting to evaluate and issue a policy.
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