In Contracts. A statement made by one of two contracting parties to the other, before or at the time of making the contract, in regard to some fact, circumstance, or state of facts pertinent to the contract, which is influential in bringing about the agreement. In insurance. A collateral statement, either by writing not inserted in the policy or by parol, of such facts or circumstances, relative to the proposed adventure, as are necessary to be communicated to the underwriters, to enable them to form a just estimate of tlie risks. 1 Marsh. Ins. 450. The allegation of any facts, by the applicant to the insurer, or vice versa, preliminary to making the contract, and directly bearing upon it, having a plain and evident tendency to induce the making of the policy. The statements may or may not be in writing, and may be either express or by obvious implication. Lee v. Howard Fire Ins. Co., 11 Cush. (Mass.) 324; Augusta Insurance & Banking Co. of Georgia v. Abbott, 12 Md. 34S. In relation to the contract of insurance, there is an important distinction between a representation and a warranty.The former, which precedes the contract of insurance, and is no part of it, need he only materially true: the latter is a part of the contract, and must be exactly and literally fulfilled, or else the contract is broken and inoperative. Glendale Woolen Co. v. Protection Ins. Co., 21 Conn. 19, 54 Am. Dec. 309. In the law of distribution and descent. The principle upon which the issue of a deceased person take or inherit the share of an estate which their immediate ancestor would have taken or Inherited, if living; the taking or inheriting per stirpes. 2 Bl. Comm. 217, 517. In Scotch law. The name of a plea or statement presented to a lord ordinary of the court of session, when his judgment is brought under review.
What is REPRESENTATION?
Featuring Black’s Law Dictionary
Nothing implied or stated on this page should be construed to be legal, tax, or professional advice. The Law Dictionary is not a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship. For questions regarding your specific situation, please consult a qualified attorney.
- What is Racketeering?
- How To Get an EIN Number
- What is a Credit Freeze?
- The 14th Amendment Explained
- What is the Security Exchange Commission?
- Restitution Law – What it is, How to Avoid it, and Tips on Asking for It
- Should I Freeze My Credit?
- Living Will – The Pros & Cons You Need to Know
- What does it mean to be acquitted?
- Forming an LLC in Missouri
- What Is A Police Welfare Check?
- Best Way to Find Someone in Jail for Free
- How to Transfer a Car Title When The Owner Is Deceased
- How To Find A Name & Address Using A License Plate Number
- Best Way to Write a Professional Letter to a Judge
- What Can You Do At 18 Legally?
- How To Find An Inmate’s Release Date
- Signing a Letter on Someone Else’s Behalf
- Why Do Policemen Touch Your Tail Light When They Pull You Over?
- How Do You Look up License Plate Numbers?