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What is Misrepresentation under Insurance Contract?
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[QUOTE="Mataracy, post: 140106, member: 28733"] 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. [LIST] [*]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.. [/LIST] For example about a case some years back. Akpata V. African Alliance Co (1969)/Akpata was asked whether he had an insurance cover before which he said , but he actually had two. He was asked whether he is now in good health because he had an upset in the stomach and when the doctor tested him,the result was negative and the doctor sent him for further preliminary test which came out after the policy had been concluded. He later died and the insurer declined him claim on the ground of misrepresentation. A misrepresentation may either be innocently or fraudulently made. The result is outright repudiation of liability because the fraudulently misrepresentation renders the policy void. But when a misrepresentation is innocently made , the insurer can: (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. [/QUOTE]
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What is Misrepresentation under Insurance Contract?
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