Definitions for "Material fact"
Generally, a fact essential to a case or a defense without which said case or defense could not be supported.
Information that would have prompted the Insurance Company to underwrite policy differently or decline coverage if it had been known.
In insurance, vital information required to make an underwriting decision. A statement of something that is done or exists is of such importance that disclosure (or failure to disclose) would alter an underwriting decision or loss settlement.
an event that actually takes place or actually exists and is usually not a mere opinion or prediction
Information relevant to the discussion or situation e.g. information to be provided on a life assurance proposal form.
Any information used in your insurance application that would have changed your eligibility for coverage, price of coverage or conditions for acceptance.