Misstatements or Misrepresentations in an Application for Insurance Can Void

question 62

True/False

Misstatements or misrepresentations in an application for insurance can void a policy.

---

Definitions:

UCC

The Uniform Commercial Code encompasses a wide-ranging body of legal principles that control commercial transactions across the United States.

Installment Contract

An agreement where payment is made in parts over a period, typically for real estate or high-value items, until the total price is paid in full.

Substantial Impairment

A legal concept referring to a significant decrease in the value or function of something, often related to contractual performance or property condition.

Commercial Impracticability

A doctrine under contract law that excuses a party from performance of the contract when unforeseen events make the fulfillment extremely difficult or expensive.