How do you find out there's something you should know?
Tony Bridgland wonders how one forgoes the right to be told
In days of yore, a favourite question in Part 1 of the ACIIexamination was: "What types of material fact need not be disclosed by aproposer for insurance?"
The standard answer was (and still should be, I imagine):
- those which lessen the risk;
- those which the insurer already knows;
- those which the insurer ought to know (eg that California is in anearthquake zone);
- those which the insurer waives the right to know about.
It was the last of these that used to produce what was, to my mind, an'ever
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