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Insurance is ‘a contractual reallocation of risk for a price'.1 Since it is a ‘contract upon chance', each party ought to know all the circumstances.2 A prospective policyholder knows his business and, therefore, the risk he wishes to insure. The insurer would assess and price that risk and determine the terms upon which it will take it. The onus is therefore on the prospective policyholder to disclose sufficient relevant information to allow the insurer to offer terms.3
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