Concealment is a term used in insurance to describe a situation where the insured party withholds information from the insurer that is material to the risk being insured against. In most cases, concealment will void the insurance policy.
What is laches and estoppel? Laches is a legal term that describes the failure to assert a right or claim in a timely manner. Estoppel is a legal principle that prevents someone from asserting a right or claim that is contrary to what they have previously said or done.
Laches and estoppel are often used in the context of insurance coverage disputes. For example, an insurance company may argue that a policyholder is estopped from claiming coverage for a particular loss because the policyholder failed to timely notify the company of the loss. Or, an insurance company may argue that a policyholder's claim is barred by laches because the policyholder delayed in making the claim.
What does concealed Mean Mean? Concealed means that the insurance policyholder is not required to disclose the existence of the policy to the insured. The policy may be issued to the insured without their knowledge, and the benefits of the policy will be paid out regardless of whether or not the insured is aware of the policy. What are concealment clauses? Concealment clauses are a type of insurance contract provision that allows an insurer to void coverage if the policyholder withholds information about a material risk. The rationale behind these clauses is that the insurer would not have underwritten the policy had it known about the risk, so the policy should be considered void.
There are two types of concealment: active and passive. Active concealment is when the policyholder deliberately withholds information about a risk. Passive concealment is when the policyholder does not disclose information about a risk because they are unaware of it.
Both types of concealment can void coverage, but active concealment is more likely to do so because it is considered a deliberate act. In some cases, insurers may void coverage for passive concealment if they can prove that the policyholder should have known about the risk.
Concealment clauses are typically found in property and casualty insurance policies.
How can cover and concealment be used in real life situation? Cover and concealment are both important factors to consider when choosing an insurance policy. Cover refers to the amount of protection that the policy provides, while concealment refers to the ability to keep the policy hidden from potential thieves.
When choosing an insurance policy, it is important to consider both cover and concealment. The amount of cover provided by the policy should be sufficient to protect your belongings, and the policy should be concealed from potential thieves. What is the synonym for concealed? There is no one word synonym for "concealed." However, some similar words with similar meanings include "hidden," "covert," "clandestine," and "undercover."