Insurance Policy Concealment Definition
Concealment is the act of hiding or not putting forward any relevant fact in front of the insurer that need to be revealed.
Insurance policy concealment definition. As it relates to insurance the act of purposefully not reporting information that would affect the issuance or rate of an insurance contract. Concealment means that an insured has not revealed information that could have affected the policy they bought from the insurer. It can lead to the nullification of the policy even if the insurer has not asked about that information during the crafting of the policy. Referred to as the ìdec page î.
Read on to discover the definition meaning of the term concealment to help you better understand the language used in insurance policies. Most insurance is provided by private corporations but some is provided by the government. The deliberate hiding of or failure to disclose material information known to be relevant in the underwriting of an insurance policy. Either a specified dollar amount a percentage of the claim amount or a specified.
An insurance contract is backed with the good faith between the insurer and the insured. Concealment it can lead to the nullification of the policy even if the insurer has not asked about that information during the crafting of the policy. An insurer however may cancel a policy based on valid grounds such as non payment of insurance premiums misrepresentation or concealment. A policyholder has a right to cancel their policy although they are subject to limitations presented by the laws of his state.
A concealment can result in the voiding of a policy. An applicant commits this fraudulent act intentionally or unintentionally that may lead to loss to the insurer. Declaration part of a property or liability insurance policy that states the name and address of policyholder property insured its location and description the policy period premiums and supplemental information. If the information cannot be known to.
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