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E. Rescission

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Key Takeaways
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Educational Objective
  • I.B.6. Be able to identify when an insurer has the right of rescission (CIC 331, 338, 359, 447)
  • a. Know that either intentional or unintentional concealment entitles an injured party to rescission of a contract (CIC 331)

Rescission is the revocation of a contract.

An injured party is entitled to rescind the contract if any of the following occurs:

  • A false material representation (rescission is effective from the time the representation becomes false);
  • Concealment (regardless of whether the concealment is intentional); or
  • Violation of a material warranty or any other material provision of a policy.