All statements and descriptions in an application for an insurance policy or annuity contract, or in negotiations for the policy or contract, by or in behalf of the insured or annuitant, shall be considered to be representations and not warranties. Misrepresentations, omissions, concealment of facts, and incorrect statements may not prevent a recovery under the policy or contract unless either
(1) fraudulent;
(2) material either to the acceptance of the risk, or to the hazard assumed by the insurer; or
(3) the insurer in good faith would either not have issued the policy or contract, or would not have issued a policy or contract in as large an amount, or at the same premium or rate, or would not have provided coverage with respect to the hazard resulting in the loss, if the true facts had been made known to the insurer as required either by the application for the policy or contract or otherwise.
Section: Previous 21.42.050 21.42.060 21.42.070 21.42.075 21.42.080 21.42.090 21.42.100 21.42.110 21.42.120 21.42.123 21.42.125 21.42.130 21.42.140 21.42.145 21.42.150 NextLast modified: November 15, 2016