Chapter 6 - Pre-contractual information duty Flashcards
1
Q
What is a misrepresentation?
A
You will recall that a misrepresentation is a false statement of fact that induces the other party to enter into the contract.
2
Q
What is a material fact?
A
material fact in insurance is defined according to what a ‘prudent insurer’ would deem material rather than the opinion of a reasonable person.
3
Q
What are the two types of misrepresentation?
A
- Innocent
- Fraudulent
