UK: A fact that would influence the judgement of a prudent underwriter in deciding whether to accept a risk for insurance and on what terms. The proposer has a duty to disclose material facts at the inception, at renewal and in respect of mid-term alterations where there has been a change in risk. Examples: motor insurance – details of young drivers; industrial activities – heating processes and previous claims.
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UK: a fact which influences a prudent underwriter in deciding whether to accept or decline a risk, and in determining the rate of premium or the imposition of any special conditions.
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Materiality is a question of fact, to be decided in the circumstances which would influence the judgment of a prudent Insurer in fixing the premium or determining whether he will take the risk and, if so, at what premium and on what conditions.
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MEDICAL,USA: Statement of a situation that is of such importance that disclosure would alter an underwriting decision regarding issuance or rating of an insurance policy or loss settlement.
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This refers to any fact which would influence the judgment of a prudent underwriter in deciding whether to accept an insurance/reinsurance risk and the terms on which he would be willing to grant cover. See duty of disclosure.