The Necessity of an Honest & Complete Insurance Application

Explore insurance applications for third party liability insurance to resolve disputes concerning misrepresentation, concealment, mistake or fraud in the application for insurance.
Explore how to fill out the required information in an application for liability insurance.
Explore the necessity to answer each question on the application completely.
Identify every fact that is material to an insurer’s decision to insure or not insure.
Identify the information relied upon by the insurer.
Identify what is needed to provide sufficient information to convince an insurer to offer to insure.
Recognize the fact that insurers do not investigate an applicant’s qualification for insurance.
Identify how insurance companies react to information that deceives it about the risk presented by the application.
Discover what the corporation must do to obtain an offer of insurance.
Recognize when an insurer needs counsel to advise about misrepresentations.
Recognize the importance of complete and thorough answers to questions on an application for insurance.
Requirements
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Description
This is a complete course of study providing education and training to allow the student to recognize the importance of the application for insurance and the hazards faced by an applicant – whether a small or large corporation – who submits an application that is not totally and completely true. The law of equity from before the foundation of the United States allows an insurer to declare a policy void from its inception if it was deceived by the insured into obtaining the policy of insurance.

The course covers the following:

The use of an insurance application to obtain an offer from an insurer to provide liability insurance protection to the applicant.

The means by which an insurance application is submitted to insurers.

The importance of absolute truth in the application.

The investigation needed to determine if an insurer was deceived by an application.

The evidence necessary for an insurer to declare a policy void.

The evidence necessary for an insurer to rescind a policy from its inception.

Who this course is for:
Anyone interested in business law, insurance for business, management, finance, or related fields.