In every organization, it is important to know that in a civilized world as such as this, people are not just searching for any kind of skillful people but they are looking out for people that have integrity; when there is no integrity trust is not found. Warranty involves the guarantee about a particular product and how effective it works; thus, it is simply the producer attesting the validity and durability of an exact product.
Insurance warranty can be said to be the promise by the insured party that the statements are affecting the validity of the contract are true. Unlike Life insurance and so many others; most of these life insurance policies require the insured to make warranties in other to keep the policy or contract valid. Using a scenario of that of the health insurance policy, the proposed insured may have to give a warranty that he or she is not opened to any diseases or illness; because if the proposed insured should make a false presentation and it was later discovered by that insurance company, it may possibly bridge the validity of the contract existing between both parties. Most times people feel that the idea of the warranty the insurance company has a major part to play of which this is how it sounds to a layman but this is not actually true because it is the insured that has a major part to play in this deal or business.
Although the moment the insurance firm has signed up a contract with you, they have automatically accepted to get you insured as a proposed member but it is your duty to provide truthful and genuine information. There was a case in which a lady applied for a health insurance firm of which will not be mentioned due to certain reasons; so when she got there the insurance company before entering into a policy with her diagnosed her with different questions and gave her certain forms to fill with which she did unknowingly to this firm that the lady in question has an internal disease known and Tuberculosis, the lady paid a premium for certain months and when the company discovered it brought about a bridge in the gap of the validity of the policy and they called the contract a void one. So, you see the dangers of falsehood in insurance warranty; t could cause the insured to lose the required claims.
In insurance there is what is called misstatements and misrepresentation; failure to understand this may want you to start dragging for a claim when you are faulty that is why people are been advised to study very well before going deep into start dragging with their insurer. Not all misstatements can cost you your claim it is only in terms of misrepresentation in contracts and warranties doe the insurer has the right to refuse claim to the insured. It is worthy to note that warranties in insurance they divided into two segments and they are affirmative and promissory. In affirmative policy it involves a statement regarding a fact at the time and points the contract was made while a promissory policy is concerned with the future; that’s facts that will be true throughout the policies or contract.
Misrepresented warrants have cost a lot of Problems and commotions in life this is the reason why most persons are been discouraged to be insured due to the fact that they have heard false news that turns to be true but is not true. That is why as a proposed insured you have to be sincere and truthful when giving a statement as related to you.
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