IC38 HEALTH INSURANCE AGENT EXAM - Study Notes
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- 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?
- Facts such as Measures implemented to reduce the risk, Facts which the insured does not know or is unaware of, Matters of law etc need not be disclosed
- Once the policy is accepted, there is no further need to disclose any material facts that may come up during the term of the policy.
- Utmost Good Faith -
Watch video - Insurable interest refers to Financial interest of the person in the asset to be insured. It makes an insurance contract valid and enforceable under the law.
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