All statements made by the proposer during the negotiations of an insurance contract are known as?

In the context of insurance contracts, all statements made by the proposer during negotiations are referred to as representations. Representations are crucial as they provide the insurer with essential information about the risk to be insured. These statements can pertain to various aspects, including the applicant's business operations, prior insurance history, and any other relevant facts.

When a proposer makes a representation, it is expected that the information is truthful and accurate to the best of their knowledge at the time of the application. If a representation is found to be misleading or false, it could result in the insurer denying a claim or canceling the policy, depending on the severity of the misrepresentation.

In contrast, conditions precedent to liability refer to specific contractual obligations that must be fulfilled before the insurer is liable to pay a claim. Declarations are often regard as formal statements made in an insurance policy that outline essential details, but they do not encompass all the negotiations made by the proposer. Warranties, on the other hand, are promises that certain conditions or facts will be true or upheld during the life of the policy, often carrying stricter legal implications if breached.

Thus, the notion of representations reflects the initial exchange of information and sets the foundation for the insurance contract, emphasizing their role as