Such as accountability show the facts of transparency and control shows the overall hands on the situation. With a literature review these are discussed below:
A representation is a collateral statement, either by writing not inserted in the policy, or by parole, of such facts or circumstances relative to the proposed adventure, as are necessary to be communicated to the underwriters, to enable them to from a form a just estimate of the risk. A representation, like a warranty but there is a material difference between a representation and a warranty. A warranty, being a condition upon which the contract is to take effect, is always a part of the written policy, and must appear on the face of it. Whereas a representation is only a matter of collateral information or intelligence on the subject of the voyage insured, and makes no part of the policy. A warranty being in the nature of a condition precedent, must be strictly and literally complied with; but it is sufficient if the representation be true in substance, whether a warranty be material to the risk or not, the insured stakes his claim of indemnity upon the precise truth of it, if it be affirmative, or upon the exact performance of it, if executory; but it is sufficient if a representation be made without fraud, and be not false in any material point, or if it be substantially, though not literally, fulfilled.
The major reason, the financial institution com