Investopedia

Continue to Site »

Concealment

Filed Under » , ,
Dictionary Says

Definition of 'Concealment'

As it relates to insurance, the act of purposefully not reporting information that would affect the issuance or rate of an insurance contract.

If the information cannot be known to the insurer and is known to be material by the insured, concealment of that information can give the insurer grounds to nullify the contract or not pay out on claim related to that material information.
Investopedia Says

Investopedia explains 'Concealment'

When it comes the potential voiding of an insurance contract, it doesn't matter if somebody lies when asked a question (misrepresentation), or isn't asked a specific question and the information is simply withheld (concealment). Both are considered fraudulent and give the insurer grounds to void the contract.

Articles Of Interest

  1.

    Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.

  2. Tips For Resolving Disputes With Your Financial Advisor

    Before you blame your advisor for your losses, be sure you know your rights and responsibilities.

  3. Exploring Advanced Insurance Contract Fundamentals

    Understanding your contract can help you protect our family's financial security.

  4. The History Of Consumer Credit Rights

    The Fair Credit Billing Act of 1974 gave consumers the power to dispute credit card charges.

  5. How To Safeguard Your Tax Returns From Identity Theft

    Identity thieves love tax season. In 2012, there were 13 million victims of identity theft. As easy as it is for thieves to steal your information, there are also simple measures you can take ...

  6. How To Report A Tax Cheat

    If you report a tax evader to the IRS, you could be eligible for a reward.

  7. Top 5 Budgeting Questions Answered

    You don't need a degree to understand your money, begin saving and pay down debt.

  8. How To Identify A Micro-Cap Scam

    Discover how to distinguish a real investment opportunity from a fraudulent one.

  9. Tax Variations Of The HEART Act

    The HEART Act is designed to allow service members and reservists make a smooth financial transition into active duty and back into civilian life.

  10. The Underground Internet Economy Of Cybercrime

    Cybercrime represents an underground economy worth $114 billion. Let's take a look at how this economy operates.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.

  2. Happiness Economics

    The formal academic study of the relationship between individual satisfaction and economic issues, such as employment and wealth.

  3. Affluenza

    A social condition arising from the desire to be more wealthy, successful or to "keep up with the Joneses." Affluenza is symptomatic of a culture that holds up financial success as one of the highest achievements.

  4. Icarus Factor

    The term Icarus factor describes a situation where managers or executives initiate an overly ambitious project which then fails. Fueled by excitement for the project, the executives are unable to reign in their misguided enthusiasm before it is too late to avoid the failure.

  5. Angelina Jolie Stock Index

    An index made up of a selection of stocks from companies associated with actress Angela Jolie.

  6. Consequential Loss

    The amount of loss incurred as a result of being unable to use business property or equipment.
Trading Center