Ohio Insurance Laws and Regulations Practice Exam

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A client told an intentional lie to an insurer in order to receive a favorable premium. This is an example of?

  1. Misrepresentation

  2. Fraud

  3. Warranty

  4. Indemnity

The correct answer is: Fraud

This is considered fraud because the client intentionally provided false information in order to gain a benefit (lower premium). This is different from misrepresentation, which is providing incorrect information without the knowledge that it is incorrect. Warranty refers to a promise or guarantee made in a contract, and indemnity refers to security or protection against damage or loss.

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