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  • The Financial Encyclopedia
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Insurance

  Insurance   |   Terms
  • 541
  • January 18, 2022
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Material Fact

A fact that if known (made known) or ignored (concealed) would impact the judgment of an underwriter as to multiple aspects relating to an insurance coverage including: estimation of the character and magnitude of a risk, determination of the rate of premium, etc.

Suppression or concealment of a material fact by an insured at the time of entering into a contract (for insurance coverage) renders it voidable.


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