Mataracy
VIP Contributor
Written or oral statements made during negotiation for a contract are termed to be representation . When these oral or written statements turned out to be false it is termed Misrepresentation.
(1) Overlook the breach
(2) Repudiate liability
(3) Commence action for surrender and cancellation of the policy or
(4) Make no payment if the policy has matured and then defend proceedings which may be commenced by the insured.
- A misrepresentation must be substantially false,
- It must be a statement of facts and not of opinion,
- It must induce one party to enter in to a contract or enter in to a contract at an unfavourable terms..
(1) Overlook the breach
(2) Repudiate liability
(3) Commence action for surrender and cancellation of the policy or
(4) Make no payment if the policy has matured and then defend proceedings which may be commenced by the insured.