MLchartDataset catalogue

Rescission

Term · Insurance and risk management · MLC-T-INS-002904

The legal act of canceling or annulling a contract, returning the parties to their original positions as if the contract had never existed. In insurance, an insurer may seek rescission of a policy if the policyholder made material misrepresentations or omissions in the application. If successful, the policy is voided, and the insurer is relieved of its obligation to pay claims.

Table 1. Record
IdentifierMLC-T-INS-002904
FieldInsurance and risk management
SubjectManagement Liability
Record as JSON 
{
  "id": "MLC-T-INS-002904",
  "term": "Rescission",
  "field": "Insurance and risk management",
  "definition": "The legal act of canceling or annulling a contract, returning the parties to their original positions as if the contract had never existed. In insurance, an insurer may seek rescission of a policy if the policyholder made material misrepresentations or omissions in the application. If successful, the policy is voided, and the insurer is relieved of its obligation to pay claims.",
  "subject": "Management Liability",
  "url": "https://mlchart.com/terminology/insurance/rescission/"
}

Record 2,971 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.