The insured must disclose every material fact or circumstance to the insurer before the contract is concluded: that is, before the insurer accepts the risk.
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Franchise Insurance
A plan for covering groups of persons with individual policies having uniform provisions, although they may differ in benefits. Individual contracts are issued to each person, with individual underwriting. It is usually applied to groups too small to qualify for true group coverage, and the solicitation of cases usually takes place among an employer’s work force with his consent. In Life Insurance, it is sometimes called Wholesale Insurance. Contrast with True Group Insurance.