Page 20 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

A representation is a statement made by one party to another,

at or before the making of the contract, as to the existence of

some fact or set of facts, with a view to influencing or inducing

the other to enter into the contract.

A warranty in an insurance policy corresponds with a condition

in any other contract, and a breach of it entitles the aggrieved

party to repudiate or liability under the contract. A warranty

must be incorporated in the policy, either by endorsement or by

reference.

As per Section 45 (indisputability clause) an insurer cannot

repudiate a claim after 2 years on grounds of is representation

unless until he can prove that insured had deliberately

suppressed some material facts