A circumstance is material if it would affect the decision of the Insurer to accept the risk, or in the rating of the premium. Non-disclosure of a material circumstance entitles the Insurer to avoid the insurance contract.
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The amount of cash due to an insured who surrenders Cash Value Life Insurance. Such surrender, with consequent termination of all insurance benefits, is sometimes called “cashing out” or “cashing in” a policy. See also Non-forfeiture Values.