Most insurance policies have a clause in which the insured person states that all the facts have been fully disclosed. What are these facts?
The facts that need to be disclosed while taking an insurance policy are any circumstances which would influence the insurer in accepting or declining a risk, or which could change the amount of premium, or terms and conditions of the insurance contract. Any factor that has the potential of increasing the risk exposure, previous losses and claims under similar policies, special conditions imposed by previous insurers, and facts relating to the description of the subject matter of insurance needs to be disclosed.
