Insurance 101 – Chapter 16 Volume 21 – Establish Materiality
To apply the Marine Rule, the adjuster must understand that because facts about prior claims and cancellations are so frequently misrepresented or concealed, when the adjuster first meets the insured, each of the questions commonly asked on an application for insurance should be asked by the adjuster in order to verify the truth of the representations. If the insured stated on the application that he or she had never had a loss and then tells the adjuster about three prior losses, this could be evidence that will be a basis for rescission.
The following video was adapted from my book, “Insurance Claims A Comprehensive Guide” Published by the National Underwriter Company and is available at the Zalma Insurance Claims Library
The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.
This entry was posted in Uncategorized
. Bookmark the permalink