Mataracy
VIP Contributor
This mean that there is a certain time that the insured can hide some facts and after the duration the policy will surely become terminated.
The duty of disclosure at common law start at the commencement of negotiation and terminates when the contract is formed though the terms of the contract may compel the proposer to disclose facts which were not present at the inception to be disclosed during the currency of the contract.
However. In case of any alteration that is material to the policy during the currency of the contract, this must be disclosed to the insured, otherwise it can render the policy void.
There are some material facts that needed to be reveals.
It is the duty of the insurer yo ask questions whose answers will reveal the material information required. Material is a fact which would influence or affect the judgement of a prudent underwriter in considering whether he would enter in to a contract at all or enter into it at one rate of premium or another. The proposer must disclose before the contract is concluded all material facts which hr knows or ought to know . Failure to do this renders the policy violable at the assurer's option. Even where the failure to disclose is inadvertent or where the proposer honestly regarded the fact as immaterial, the assurer will still void the policy.
The duty of disclosure at common law start at the commencement of negotiation and terminates when the contract is formed though the terms of the contract may compel the proposer to disclose facts which were not present at the inception to be disclosed during the currency of the contract.
However. In case of any alteration that is material to the policy during the currency of the contract, this must be disclosed to the insured, otherwise it can render the policy void.
There are some material facts that needed to be reveals.
It is the duty of the insurer yo ask questions whose answers will reveal the material information required. Material is a fact which would influence or affect the judgement of a prudent underwriter in considering whether he would enter in to a contract at all or enter into it at one rate of premium or another. The proposer must disclose before the contract is concluded all material facts which hr knows or ought to know . Failure to do this renders the policy violable at the assurer's option. Even where the failure to disclose is inadvertent or where the proposer honestly regarded the fact as immaterial, the assurer will still void the policy.
