Asked by Rileigh Campbell on Jun 05, 2024
Verified
If the insured misrepresented material facts in the application for insurance,the insurance policy becomes void.
Material Facts
Facts that are significant or essential to the issue at hand, and that can influence a decision or outcome.
Void
Refers to an agreement or contract that is deemed legally invalid and unenforceable from the outset, as if it never existed.
- Detect the particular situations that could trigger the rescinding or revising of an insurance policy and acknowledge the legal rights and responsibilities of the participating entities in such conditions.
Verified Answer
MW
Melisa WhyteJun 11, 2024
Final Answer :
False
Explanation :
If the insured misrepresented material facts in the application for insurance,the insurance policy becomes voidable at the election of the insurer.
Learning Objectives
- Detect the particular situations that could trigger the rescinding or revising of an insurance policy and acknowledge the legal rights and responsibilities of the participating entities in such conditions.