An Applicant for Insurance Has a Duty to Disclose Only

question 60

True/False

An applicant for insurance has a duty to disclose only material facts that the insurer asks for.

---

Definitions:

Interest

The expense associated with taking out a loan, usually shown as a percentage of the total amount loaned.

Interest Earned

The amount of interest generated from an investment or savings over a certain period of time.

Account

A record or statement of financial expenditure and receipts relating to a specific period or purpose; also used to refer to a customer's relationship with a financial institution.

Simple Interest

Interest computed solely on the initial amount invested, excluding any previously earned interest.