(A) A statement made by an assured, reassured or broker which misleads an underwriter in the assessment of a risk he is being offered. A breach of good faith. (B) Act of making, issuing, circulating or causing to be issued or circulated an estimate, an illustration, a circular or a statement of any kind that does not represent the correct policy terms, dividends or share of surplus or the name or title for any policy or class of policies that does not in fact reflect its true nature.
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MEDICAL,USA: 1. Pertaining to an insurance application or insurance claim, appearance of a written or verbal falsehood or misleading statement. Such deceptions will cause voiding or rescinding an insurance policy or denying payment of a claim. 2. In Medicare fraud, to give an inaccurate or deliberate false account of services rendered, amounts charged for services rendered, identity of the person receiving the service, or dates of service.
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US: A false, incorrect, improper, or incomplete statement of a material fact, made in the application or claim process.
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Generally, misstatement of facts made on an application for insurance. May also be misstatement of coverage made by an agent to an insured.