The correct answer is: C. Both A & B
Material facts are those that would help the insurer to decide whether to accept the risk and what premium to charge. For example, if you are applying for life insurance, the insurer would want to know your age, health, and occupation. These are all material facts because they would affect the insurer’s decision about whether to insure you and how much to charge you.
If you do not disclose material facts to the insurer, you may be committing insurance fraud. Insurance fraud is a serious crime that can result in fines, imprisonment, and the cancellation of your insurance policy.
It is important to be honest with your insurer about all material facts. If you have any questions about what is considered a material fact, you should contact your insurer.