Misstatement of Fact Sample Clauses
A Misstatement of Fact clause addresses situations where one party provides false, inaccurate, or misleading factual information during the formation or performance of a contract. This clause typically outlines the consequences if a misstatement is discovered, such as allowing the affected party to seek remedies like contract rescission or damages. Its core function is to protect parties from being bound by agreements based on incorrect facts, thereby ensuring fairness and accuracy in contractual relationships.
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Misstatement of Fact. If Cedant’s liability under any of the Reinsured Policies is changed because of a misstatement of age, sex or any other material fact, Reinsurer shall (a) assume any increase in the General Account Liabilities resulting from such change and (b) receive credit for any decrease in the General Account Liabilities resulting from such change which corresponds to the Reinsured Policies.
Misstatement of Fact. In the event of a change in the amount payable under a Reinsured Policy due to an applicant’s or policy owner’s misstatement in fact on the application for the Reinsured Policy, Reinsurer’s liability with respect to such Reinsured Policy will change proportionately to the change in amount payable under the Reinsured Policy. If the Ceding Company has misstated facts otherwise correct on the application which results in the incorrect amount of premium being collected, the Ceding Company will reimburse the Reinsurer for the correct amount of premium. Should this misstatement result in the over collection of premium, the Ceding Company will work the the Reinsurer to refund the excess premium to the policyowner.
Misstatement of Fact. In the event of a change in the amount payable under a Reinsured Policy due to a misstatement of fact, the Reinsurer’s liability with respect to such Reinsured Policy will change proportionately. Such Reinsured Policy will be rewritten from commencement on the basis of the adjusted amounts using premiums and such other terms based on the correct facts, and the proper adjustment for the difference in Reinsurance Premiums, without interest, will be made.
Misstatement of Fact. In the event of a change in the amount payable under a Subject Annuity due to a misstatement of fact, the Reinsurer’s liability with respect to such Subject Annuity will change proportionately. Such Subject Annuity will be rewritten from commencement on the basis of the adjusted amounts using premiums and such other terms based on the correct facts, and the proper adjustment for the difference in Premiums, without interest, will be made.
Misstatement of Fact. If the Ceding Company’s liability under any Reinsured Policy is changed because of a misstatement of age or sex, the Reinsurer’s liability with respect to such Reinsured Policy and benefits under the Reinsured Policies will be adjusted proportionately based on the appropriate facts.
Misstatement of Fact. If Cedant’s liability under any of the Reinsured Policies is changed because of a misstatement of age, sex or any other material fact, the Reinsurer’s liability hereunder will change proportionately.
Misstatement of Fact. Should Olympic realize that CKCC, or its affiliates, misstate facts or misrepresent information to investors. CKCC shall be able to terminate this engagement under the following conditions:
Misstatement of Fact. No information provided by Purchaser to Seller regarding the Acquisition Assets contains a material misstatement of fact, to state any material fact