Representation means the statement made by prospective policyholder in an application for insurance policy, of which that he represents as being correct to the best of his knowledge.
According to the Marine Insurance Act of 1906 Warranties mean something by which the policyholder undertakes, that somethings shall be done or shall not be done during the tenure of the policy. The two type of warranties in Insurance is Implied and Expressed Warranties
In insurance, if the insurer discovers that false representation or warranties have been made, the contract of insurance can be void.
In conclusion, the true statement in the question are:
- Warranties are statements considered to be true to the best of the applicant's belief if material to the risk
- False representations will void a policy
- Representations are statements guaranteed to be true in every respect if material to the risk.
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