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Get a Widget for this titleConsequences of lying on your life insurance application
Article ToolsLife insurance is taken by many people so as to cover many risks and eventualities that may occur in life at any time.The information and details,which are collected by the insurance provider,should be accurate.Being honest and truthful in providing details about yourself,your current medical condtitions etc offer you more protection and coverage of risks than if wrong or dishonest data had been provided.
Discovery by the insurance company that wrong or untruthful data had been given in the application may lead to the policy being treated as"null and void" and canceled.
Most insurance companies go for physicals and medical check ups and tests before they determine the premiums,areas of risk coverage,duration of the policy etc.Regulations exist which mandate that the data concerning all applicants is transferred to the central database ( Medical Information Bureau).This is o ensure that applicants do not give different details to different insurance companies and try to obtains benefits against risks.
Social security numbers,driving license details,medical and dental records,birth certificates,hospital and school records are all available on enquiry to the insurance providers.Hence intentional lying or concealment will not help any applicant for life insurance.
Honesty is the best policy,as always.
Learn more about this author, Madhusoodanan.K.P..
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Consequences of lying on your life insurance application
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Simply put, if you lie on your life insurance application it will certainly be uprated (i.e. come back more expensive than
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2 of 5
One of the fundamental principles of any kind of insurance contract is utmost good faith. This means that each party has
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by Dambrath
Many people every year are caught lying on their life insurance agreements, seemingly because they think that they can fool
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The desire for the cheapest life insurance possible is understandable, but lying to achieve a cheap life insurance quote
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Life insurance is taken by many people so as to cover many risks and eventualities that may occur in life at any time.The
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