Insurance Policy Concealment Definition
A policyholder has a right to cancel their policy although they are subject to limitations presented by the laws of his state.
Insurance policy concealment definition. 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. As it relates to insurance the act of purposefully not reporting information that would affect the issuance or rate of an insurance contract. An insurer however may cancel a policy based on valid grounds such as non payment of insurance premiums misrepresentation or concealment. Read on to discover the definition meaning of the term concealment to help you better understand the language used in insurance policies.
Insurance companies collect the premiums for a certain type of insurance policy and use them to pay the few individuals who suffer losses that are insured by that type of policy. Concealment is the act of hiding or not putting forward any relevant fact in front of the insurer that need to be revealed. If the information cannot be known to. Most insurance is provided by private corporations but some is provided by the government.
Either a specified dollar amount a percentage of the claim amount or a specified. 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. Deductible the amount of loss paid by the policyholder. A concealment can result in the voiding of a policy.
Concealment definition concealment a willful act of holding back information that may be pertinent to the issuance of an insurance policy even though the insured was not asked about that particular subject. Concealment means that an insured has not revealed information that could have affected the policy they bought from the insurer. 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 insurance contract is backed with the good faith between the insurer and the insured.
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