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Financial advisory
RES5Financial Advisory Services✓A misrepresentation in a life insurance application gives the insurer grounds to avoid the contract only where it is 'material'. A misrepresentation is material when:
Materiality turns on effect: a misrepresentation is material when, had the truth been known, the insurer would have declined the risk or issued the policy on a different basis. Only a material misrepresentation gives grounds to avoid the contract.
Materiality is about the impact on the underwriting decision, not about the proposer's intent or the mere fact that a question was asked.
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