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Insurance
- PREV DEFINITIONCombined RatioThe combined ratio is defined as the sum of incurred losses and operating expenses measured as a percentage of earned premium.Read More
- NEXT DEFINITIONConditional AssignmentIn case of conditional assignment, the policy rights get transferred back to the assignor if he/she fulfills the conditions under which they were transferred.Read More
What is 'Concealment'
Definition: Concealment is the act of hiding or not putting forward any relevant fact in front of the insurer that need to be revealed. An applicant commits this fraudulent act intentionally or unintentionally that may lead to loss to the insurer.
Description: An insurance contract is backed with the good faith between the insurer and the insured. All material facts create base for a strong insurance contract. Hence concealment may lead to risk for the insurer.
Also See: Bancassurance, Annuitant
Description: An insurance contract is backed with the good faith between the insurer and the insured. All material facts create base for a strong insurance contract. Hence concealment may lead to risk for the insurer.
Also See: Bancassurance, Annuitant
- PREV DEFINITIONCombined RatioThe combined ratio is defined as the sum of incurred losses and operating expenses measured as a percentage of earned premium.Read More
- NEXT DEFINITIONConditional AssignmentIn case of conditional assignment, the policy rights get transferred back to the assignor if he/she fulfills the conditions under which they were transferred.Read More
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