Some policies include the term "warranty". This is a word of great power. In general, a guarantee can be defined as follows:
A "guarantee" in insurance law is a statement or condition included in a contract where the insured agrees that certain acts have been done or should be done, and the validity of the contract depends on exact fulfillment of conditions, regardless of whether the violation relates to or causes losses that have occurred. applying for insurance promises that the factual statements are completely true, that they know that the insurer relies on the truthfulness of the statements and that each factual statement is essential for the insurer's decision to insure or not to insure. The guarantee has also been described as follows:
The term "guarantee" … often has the meaning of a confirmation or a promise. Functionally, however, the significance of a guarantee in an insurance has been and continues to be that it establishes a condition that precedes the insurer's obligation to pay.
When an application for insurance is attached to the insurance and forms part of it, the factual statements in the application are transformed from mere requests to guarantees. By accepting the insurance with the attached application, the insured acknowledges that it has guaranteed the insurer that every statement of facts in the application is completely true and that the insurance will be invalid if it is not true.
© 2020 ̵1; Barry Zalma  Barry Zalma, Esq., CFE, now limits his practice to working as an insurance consultant specializing in insurance coverage, insurance claims handling, fraud and insurance fraud almost equally for policyholders and policyholders. He also acts as an arbitrator or mediator for insurance-related disputes. He practiced law in California for more than 44 years as an insurance coverage and claims lawyer and more than 52 years in the insurance industry. He is available at http://www.zalma.com and firstname.lastname@example.org.
Mr. Zalma is the first recipient of the first annual Claims Magazine / ACE Legend Award.
For the past 52 years, Barry Zalma has devoted his life to insurance, insurance claims and the need to defeat insurance fraud. He has created the following library of books and other materials to enable insurers and their claims staff to become professional in insurance claims.
Go to Barry Zalma videos on Rumble.com at https://rumble.com/c/ c-262921
Read posts from Barry Zalma at https://parler.com/profile/Zalma / posts
Go to Barry Zalma on YouTube- https: // www. youtube.com/channel/UCysiZklEtxZsSF9DfC0Expg/  Go to the Insurance Claims Library – https://zalma.com/blog/insurance-claims-library/
to email version of ZIFL, it's free ! –