The failure of either party to an insurance contract, to reveal to the other, any material fact or circumstance which is known or should be known to either. The offended party may avoid the contract.
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Non-forfeiture Values
Those values in a Life Insurance policy that, by law, the policy owner cannot forfeit even if he ceases to pay the premiums. These benefits are the cash surrender value, the loan value, the paid-up insurance value, and the extended term insurance value. The policy owner may choose one of these non-forfeiture options, but even if he fails to do so, the one specified in the contract for such a case automatically goes into effect.