20-1109. Statements as representation; effect of misrepresentation upon policy
All statements and descriptions in any application for an insurance policy or in negotiations therefor, by or in behalf of the insured, shall be deemed to be representations and not warranties. Misrepresentations, omissions, concealment of facts and incorrect statements shall not prevent a recovery under the policy unless:
1. Fraudulent.
2. Material either to the acceptance of the risk, or to the hazard assumed by the insurer.
3. The insurer in good faith would either not have issued the policy, or would not have issued a policy in as large an amount, 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 otherwise.
Section: Previous 20-1102 20-1103 20-1104 20-1105 20-1106 20-1107 20-1108 20-1109 20-1110 20-1110.01 20-1111 20-1112 20-1113 20-1114 20-1115 NextLast modified: October 13, 2016