Concealment

The act of hiding something or preventing it from being known is referred to as concealment.

Or, you know…lying.

As the term relates to finance or insurance, concealment is the failure to report information that would affect an insurance policy, and maybe even prevent it from being issued.

Example: A client walks in smelling of cigarette smoke, obviously a smoker, and immediately marks “non-smoker” on the life or health insurance application. Prime example of concealment.

And lying.