California Insurance Code, a fact that is so important it could determine the policy premium is
A. expressness.
B. materiality.
C. representation.
D. valuation.
Answer (2)
The correct answer to the question is materiality , which refers to the significance of facts that can influence policy premiums under the California Insurance Code. This concept impacts the insurer's decisions regarding coverage and pricing. Understanding the materiality of information provided by applicants is crucial in the insurance process.
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The term from the California Insurance Code that signifies a fact important enough to affect policy premiums is called materiality . This concept relates to the significance of information in the underwriting process, influencing the insurer's decision on coverage and premium pricing. Understanding materiality, as opposed to expressness, representation, or valuation, is crucial for insurance policy considerations. ;
