Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Concealment


Synonyms:conceal, cover-up, disguise, hide from others, hiding, mask, obscuration, omission, secrecy, smoke screen
Filed Under: insurance
Tags: insurance
 

Definition of concealment

concealment
1. When a person applying for insurance knowingly omits information or lies in order to receive coverage. If an insurer discovers the policyholder's concealment, no distinction is made between a lie or an omission, as both are considered fraudulent and will lead to the voiding of the contract. An example of concealment would be a terminally ill life insurance applicant who lies in order to receive coverage.

Related Terms and Acronyms:

  • accommodation line   As a favour to a broker, insurance companies will sometimes approve coverage to an individual who would not otherwise qualify.
  • fidelity bond   Insurance that protects a business from losses due to employee fraud, such as theft, forgery or fraudulent trading.
  • insurance fraud   An illegal attempt by an individual or entity to receive insurance benefits that they would otherwise not be entitled to or for an insurance company to deny a legitimate insurance claim.
  • mis-selling   The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
  • money laundering (ML)   A process used by individuals to conceal illegally acquired funds by converting them into seemingly legitimate income. The term is generally associated with organized crime and those who need to legitimize illegally earned funds.
  • selection bias   A statistical error made when non-random data is added into a dataset.
  • self-selection bias   A selection bias that occurs when individuals join a sample group voluntarily.

Search the Glossary

Mortgage Rates
With the rates they offer, applying for a mortgage at your bank is like throwing your hard-earned money in the trash. We offer amazing mortgage rates, apply today!
Mortgage Rates
 
Compare Term Rates Using Our New Mortgage Calculator
The length of your mortgage term is often correlated with your interest rate. By and large, longer terms have higher rates and shorter terms have lower rates. With our mortgage calculator you can try out different mortgage terms and rates in order to see how they will affect the amount of interest you will end up paying in the long term.
New Mortgage Calculator with Rate Comparison
 
Best Mortgage Rates
With a lower mortgage rate, it's easier to afford a better home and what you save on interest can go directly toward paying off the principal value of your property faster. Make sure you get the best rates in Canada on your mortgage, apply today.
Mortgage Rates