General Insurance
What is concealment in the formation of an insurance contract?
Answer and explanation
Answer: A. Concealment is silence about a material fact, deliberately maintained, which deprives the insurer of information it needs to assess the risk. An honest mistake and a fact that changes later are treated differently, and the insurer's own duty to explain is a separate matter.Source: PSI — New York DFS Insurance Candidate Information Bulletin — Outline, concealment
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