ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Representations are statements made in an insurance contract that are guaranteed to be true in all respects
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The actuarial department of an insurance company is responsible for evaluating risk
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An aleatory contract is a contract of equal values exchanged by both parties
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Concealment is the withholding of information that should have been provided to an insurer
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Detailed explanation-1: -Concealment is a willful act of holding back information that may be pertinent to the issuance of an insurance policy even though the insured was not asked about that particular subject.
Detailed explanation-2: -CONCEALMENT-in law of insurance is the suppression of a material fact, within the knowledge of one of the parties, which the other party has not means of knowing, or is not presumed to know.
Detailed explanation-3: -Confidentiality is the concealment of information or resources.
Detailed explanation-4: -If you conceal a piece of information or a feeling, you do not let other people know about it. Robert could not conceal his relief. Synonyms: keep secret, hide, disguise, mask More Synonyms of conceal. 3. transitive verb.