What act is described as purposefully not revealing a material fact to the insurer?

Concealment refers to the intentional withholding of pertinent information that would affect the insurer's decision to underwrite a policy or determine the premium charge. In the context of title insurance, when an applicant fails to disclose material facts that could influence the risk assessment, this is considered concealment. It signifies a deliberate act to hide relevant information that the insurer needs to know in order to evaluate the case accurately.

Understanding the concept of concealment is critical in the title insurance industry. It establishes the principle that the insurer relies on the honesty and completeness of the information provided by the applicant. If it is later discovered that significant information was omitted, it can lead to denial of coverage or claims. This underscores the importance of transparency and full disclosure in insurance transactions.

Other terms might refer to related but distinct concepts. For instance, fraud involves a broader spectrum of deceit aimed at securing unfair or unlawful gain, while misrepresentation covers false statements or inaccuracies in the information presented, regardless of intent. Estoppel pertains to legal principles that prevent a party from asserting something contrary to what is implied by a previous action or statement that the other party has relied on.