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  • Article 26. A Neglect To Communicate That Which A Party Knows and Ought To Communicate, Is Called Concealment

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    Kaira Carlos
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    The document discusses insurance and key concepts around risk, loss, and payment proceeds. It specifically covers concealment, which is defined as withholding pertinent information that was not directly asked but should have been disclosed. Concealment can lead to rescission of an insurance contract. The document also discusses representation, materiality tests, exceptions to what needs disclosed, what each party is obligated to know, and waiving the right to certain information.

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    INSURANCE

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    Insurance Rosinie

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    The document discusses insurance and key concepts around risk, loss, and payment proceeds. It specifically covers concealment, which is defined as withholding pertinent information that was not directly asked but should have been disclosed. Concealment can lead to rescission of an insurance contract. The document also discusses representation, materiality tests, exceptions to what needs disclosed, what each party is obligated to know, and waiving the right to certain information.

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    © All Rights Reserved
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    6 views1 page

    Article 26. A Neglect To Communicate That Which A Party Knows and Ought To Communicate, Is Called Concealment

    Uploaded by

    Kaira Carlos
    The document discusses insurance and key concepts around risk, loss, and payment proceeds. It specifically covers concealment, which is defined as withholding pertinent information that was not directly asked but should have been disclosed. Concealment can lead to rescission of an insurance contract. The document also discusses representation, materiality tests, exceptions to what needs disclosed, what each party is obligated to know, and waiving the right to certain information.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Insurance

    September 19, 2019

    Devices used for ascertaining and controlling risk, loss and payment of proceeds for Insurers ( WERCC)

    Article 26. A neglect to communicate that which a party knows and ought to communicate, is called
    concealment.

    Definition:

    Concealment - is an act of holding back information that may be pertinent to the issuance of an
    insurance policy even though the insured was not asked about the particular subject”.

    Effect of concealment on insurance contract ( Sec 27 & 29) - rescission

    Grounds of Rescission

    Concealment

    Misrepresentation

    Breach of Warranty

    What must be communicated ( Sec 28)

    Test of materiality (Sec 31)

    What need not be communicated; exceptions ( Sec 30, 35 & 51)

    Matters each party is bound to know ( Sec 32)

    Waiver of right to information ( Sec 33)

    Representation

    Definition

    How represent is made

    When Representation made

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