What is defined as an absolutely true statement upon which the validity of the insurance policy depends?

A warranty is defined as an absolutely true statement upon which the validity of the insurance policy depends. In the context of insurance, a warranty is a condition that must be met or a statement that must be true for the policy to remain valid. If a warranty is found to be untrue, the insurer may have grounds to void the policy or deny a claim. This differs from representations, which are statements made to the best of one's knowledge and belief; these are not required to be absolutely true, as long as they are made in good faith.

Understanding the role of warranties in insurance helps comprehend how binding they are on both the insurer and the insured. The insurer relies on these warranties as guarantees that certain conditions will be fulfilled, protecting their interests and ensuring that the risk is accurately assessed. The other terms, such as representations, assumptions, and affidavits, do not carry the same absolute weight regarding the validity of the policy.