#lifeinsuranceexam #representationsandwarranties #lifeinsuranceexamprep
Representations and warranties are both important components of a life insurance policy that you will need to know for your life insurance exam.

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A warranty is a absolutely true statement in an insurance policy that affects the validity of the contract. If the insured lies on a question in the application, it can be viewed as a warranty because the insured can deny the claim or return premiums upon its discovery.

A representation is something that the insured believes to be true at the time of application. Due to the nature of most life insurance applications, statements are representations because its what the insured believes to be true at the time they applied. A misrepresentation is a representation that was not true. This can be intentional (fraud) or unintentional.

I hope this video helps you pass your life insurance exam! The life insurance industry is exciting, prosperous, and a challenge.

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