Property and Casualty Insurance

Fraudulent Misrepresentation
Fraudulent misrepresentation refers to a dishonest statement made by an applicant to induce an insurance company to issue coverage. If the company knew the truth, it would not accept the applicant. This gives a property and casualty insurance company grounds to terminate a policy at any time.
Lapse
Lapse occurs in insurance when a policy becomes inactive due to non-payment of the renewal premium, impacting both property and casualty and life insurance sectors.

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