Full and Xxxxx Disclosure Sample Clauses

Full and Xxxxx Disclosure. Upon establishment of the insurance contract, should the insurer have inquiries on relevant conditions regarding the policyholder/insured person, the policyholder should provide full and xxxxx disclosure to the insurer. Should the policyholder fail to perform its obligation of full and xxxxx disclosure by intention or due to material default attributable to influence the insurer’s decision on underwriting the insurance proposal or increasing the premium rate, the insurer is entitled to terminate the contract. Should the insurer fail to exercise the termination right as mentioned above within 30 days upon knowing the cause should be deemed as waiver of such right. Once the establishment of the insurance contract has more than two years, the insurer has no right to terminate the contract. When there is a claim incident, the insurer should pay the claim payment accordingly. Should the policyholder fail to perform its obligation of full and xxxxx disclosure intentionally, the insurer is not liable for any claim payment of the insured incident happened before the termination of the contract, and shall not refund the premium. Should the policyholder fail to perform its obligation of full and xxxxx disclosure due to material default, significantly attributable to the occurrence of the insured incident, the insurer shall not be liable for the claim payment of the insured incident happened before the termination of the contract, but shall refund the insurance premium. The insurer cannot terminate the insurance contract if the insurer is aware of the situation that the policyholder has failed to provide full and xxxxx disclosure upon execution of the contract. If there is an insured incident, the insurer should be responsible for the claim benefit payment.

Full and Xxxxx Disclosure. The actual form and manner of disclosure is not significant so long as the party provides their financial net worth and income. Del Vecchio. The information can be exchanged orally or it can be in writing; it can be part of the agreement or independent of the agreement. In addition to providing a disclosure of the assets and liabilities, a party must also supply an approximate value. O’Xxxxxx x X’Xxxxxx, 435 So.2d 344 (Fla. 1st DCA 1983) (The disclosure need only be full and fair, not minutely detailed nor exact.); Xxxxx x. Xxxxx, 622 So.2d 541 (Fla. 5th DCA 1993) (Unfair antenuptial agreement was valid and enforceable in both Florida and Pennsylvania as there had been full and fair financial disclosure prior to execution, and there was no fraud, misrepresentation, or duress involved.); Doig v Doig, 787 So.2d 100 (Fla. 2d DCA 2001) (Upholding agreement despite fact that agreement was not presented to wife until ten days before wedding, where husband had fully disclosed financial condition to wife prior to signing premarital agreement by giving her his financial affidavit at time of execution, especially where parties had lived together for five years prior to marriage). There is no duty to hire an expert to determine the value of an asset for purposes of full disclosure. Waton x. Xxxxx, 887 So.2d 419 (Fla. 4th DCA 2004) (where Husband listed his business interest with an “exact value unknown,” the court held that an appraised value would have made no difference where Wife accepted that she would receive nothing from the business).

Full and Xxxxx Disclosure. The success of this process requires both the Husband and Wife to share with each other and with the Mediator full, truthful information about all relevant matters, including without limitation all financial information which he/she might be obligated to disclose in the course of a legal proceeding. This is important for a number of reasons: a. First of all, it is important for the Wife and Husband to develop and maintain trust in one another as the process proceeds. Trust may be lost where people are felt to be hiding something or lying. b. Secondly, we need all of this information in order to make sure that all of the issues are resolved. We want the final agreement to be complete and consider everything. c. Thirdly, it is important to understand that lying or concealing information can seriously backfire. If the other party later discovers the deceit, he or she may convince a court that the agreement arrived at in ignorance of the truth should be set aside as having been obtained by fraud.