The Failure by an Applicant to Disclose Material Facts That

question 2

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

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Definitions:

Registered Retirement Savings Plan

A government-approved program in Canada that enables residents to save for retirement on a tax-deferred basis.

Fixed Monthly Payments

Regular, unchanging payments made each month for a period of time, often used in loans and lease agreements.

Promissory Note

An investment vehicle that features a concrete promise by one entity to pay a definitive money amount to another, either upon solicitation or on a specified date.

Legal Due Date

The specific date by which a legal obligation must be satisfied, such as the payment of debts or completion of contractual duties.