Fraud - When a person induces another to act on a false belief that is caused by a representation he or she does not believe to be true. It can arise either from deliberate concealment of facts or through misrepresenting them.
Mistake - Error in ones knowledge or belief or interpretation of a thing or event. This can lead to an error in understanding and agreement about the subject matter of contract
Uberrima Fides or Utmost Good Faith - Insurer & Insured must disclose all material facts relating to the subject matter of insurance. A positive duty to voluntarily disclose, accurately and fully, all facts material to the risk being proposed, whet
Material facts - Fact that would affect the judgment of an insurance underwriter in deciding whether to accept the risk and if so, the rate of premium and the terms and conditions. Past history of illness,Existence of past policies taken from all i
Material information is that information which enables the insurers to decide: Whether they will accept the risk? If so, at what rate of premium and subject to what terms and conditions?
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