The Necessity Of Details In Insurance Application

Finance - Barry Zalma

This course clarifies the significance of an application for protection as a demand to different guarantors for offers to give protection required by the candidate. Protection is an agreement, and the protection contract is an extraordinary kind of agreement.

The candidate must comprehend that the application contains different portrayals on which the guarantor will depend in settling on its choice regardless of whether to protect the candidate. The candidate must comprehend that when a man lies on an application for protection, it can be canceled and managed as though it never existed. This course likewise educates the reason for the fair cure of rescission as it applies to arrangements of protection and how to keep away from the utilization of the cure.

The course covers the following:

  1. What an application is and how it is used by an underwriter.
  2. The difference between a misrepresentation, concealment, or breach of warranty.
  3. The obligation of the applicant to deal fairly and in good faith with the insurer.
  4. What is material to an insurance underwriter?
  5. That fraud is not required to prove the need for rescission.
  6. The general rules with regard to relief for false statements on an application for insurance.

 

 

Learning Objectives:

  • Recognize the importance of honest responses to questions on an application for insurance.
  • Explore how to respond to questions posed on the application.
  • Explore what an insurer needs to prove it is entitled to rescission.
  • Identify the elements of the equitable remedy of rescission.
  • Recognize the difference between a misrepresentation and a concealment of material fact.
  • Explore how to establish that a representation is a material.
  • Explore how to establish a concealment of fact is material.
  • Identify that a statement is a warranty.
  • Identify the effect of a false warranty.
  • Recognize the need to make accurate representations to an insurer.
  • Explore “Post Loss Underwriting” and why it is an Oxymoron.

Instructor

Barry Zalma

Insurance Expert

Barry Zalma, Esq., CFE, has practiced law in California for more than 42 years as an insurance coverage…

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What will you cover?

  •   Introduction 00:11:31

Instructor

Barry Zalma

Insurance Expert

Barry Zalma, Esq., CFE, has practiced law in California for more than 42 years as an insurance coverage…

Training 5 or more people?

Get your team access to WIISE top 2,000 courses anytime, anywhere.

Try WIISE for Business
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