What is the meaning of Concealment?
Concealment is the act of keeping critical information from the insurance company. This is usually done intentionally to maximise claim or other personal benefits. It affects the issuance date and also rates of the insurance contract. Insurance contracts are backed by faith between the insured and the insurance firm. All facts present a strong case for a robust contract. Any kind of concealment goes against the insured person and also increases the chances of the risk of the insurer.
Any such act done either unintentionally leads to the risk of the insurer. Such practices often lead to the voiding of the contracts as they are considered fraudulent.