What is the term for a false statement or lie in an application that can render the contract void?

Misrepresentation refers to a false statement or lie made in an application for insurance that can lead to the contract being declared void. When an applicant provides inaccurate information, either intentionally or unintentionally, it affects the insurer's ability to assess risk and determine premiums. If the misrepresentation is deemed material—meaning it would have influenced the insurer's decision to provide coverage—then it can result in the nullification of the contract. This principle is fundamental in insurance law, as it upholds the integrity of the information exchanged between the insured and insurer.

In contrast, concealment pertains to the failure to disclose important information that may affect the insurer's decision-making. Indemnity generally relates to the principle of compensating for loss, while waiver refers to the voluntary relinquishment of a known right or privilege. These terms have different implications and do not directly relate to the concept of false statements impacting the validity of a contract.