| 单词 | material fact |
| 释义 | material fact material fact1. Any important piece of information that a person seeking insurance must disclose to the insurer to enable the insurer to decide whether or not to accept the insurance and to calculate the premium. What is and what is not material may have to be decided by a court of law, but very often it is obvious. While a person cannot be penalized for not revealing facts that are not known or cannot reasonably be expected to be known, an insurance contract can become void if the facts have been deliberately concealed from the insurer if they could have influenced the acceptance of the risk, the premium charged, or the exceptions made. materiality The extent to which an item of accounting information is material. Information is considered material if its omission or misstatement could influence the decision making of its users. Materiality is therefore not an absolute concept but is dependent on the size and nature of an item and the particular circumstances in which it arises. It is recognized as an important principle in the Financial Reporting Standard Applicable in the UK and Republic of Ireland. |
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