The Indian Supreme Court has underscored the crucial role of complete transparency in insurance agreements. A bench, presided over by Justices B.V. Nagarathna and Satish Chandra Sharma, stated in a recent ruling:
It is the duty of the applicant to disclose all facts that may weigh with a prudent insurer in assuming the risk proposed. These facts are considered material to the contract of insurance, and their non-disclosure may result in the repudiation of the claim.
This ruling highlights the legal obligation of individuals applying for insurance to provide comprehensive and accurate information. Failure to do so could lead to the rejection of claims, emphasizing the significance of complete and truthful disclosure throughout the insurance process.
