In general a suppression of the truth, when a party is bound to disclose it, vitiates a contract. In the contract of insurance a knowledge of the facts is required to enable the underwriter to calculate the chances and form a due estimate of the risk; and, in this contract perhaps more than any other, the parties are required to represent every thing with fairness.
Suppressio veri as well as suggestio falsi is a ground to rescind an agreement, or at least not to carry it into execution.
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