Question

david lives in an apartment in a high-crime area. in order to obtain physical damage insurance on his car, david promised to park the car in a garage with 24-hour security. this agreement, which was incorporated into the insurance contract, is an example of a

Answer 1

This agreement, that was incorporated into the insurance contract, is an example of a warranty.

What is warranty?

A warranty is essentially a commitment made by the insured (policy holder) to either do or not do anything. Regardless of the reason of the loss and the coverages and exclusions in your policy, failure to comply with your warranty could void your coverage.

A guarantee made by the insured party that statements affecting the legality of the contract are accurate is known as a warranty in an insurance policy. Most insurance policies stipulate specific guarantees from the insured.

The insurer may void the insurance and refuse to pay claims if a warranty provided by an insured party turns out to be false.

To learn more about warranty

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