Ohio Insurance Laws and Regulations Practice Exam

Question: 1 / 400

A client told an intentional lie to an insurer in order to receive a favorable premium. This is an example of?

Misrepresentation

Fraud

This is considered fraud because the client intentionally provided false information in order to gain a benefit (lower premium). This is different from misrepresentation, which is providing incorrect information without the knowledge that it is incorrect. Warranty refers to a promise or guarantee made in a contract, and indemnity refers to security or protection against damage or loss.

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Warranty

Indemnity

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