Defining the use of ab initio in non-disclosure.
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Q: A scheme of ours was recently voided "ab initio" due tonon-disclosure. However, only the renewal premium was returned, not all
the premiums since the inception of the policy. Is this correct?
A: The issue is about when this policy should have been voided. The broker
says that the policy - if cancelled under true ab initio rules - should
have been cancelled from 1997. This is when the first non-disclosure -
although not declared - took place.
However, the underwriter says that the policy should
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