law: Marine Insurance Act, 1963 
  22. Representations pending negotiation of contract 
  (1) Every material representation
  
  made by the assured or his agent to the insurer during the negotiations for the
  
  contract, and before the contract is concluded, must be true If it be untrue
  
  the insurer may avoid the contract.
  (2) A representation
  
  is material which would influence the judgment of a prudent insurer in fixing
  
  the premium, or determining whether he will take the risk.
  (3) A representation
  
  may be either as to a matter of fact, or as to a matter of expectation or
  
  belief.
  (4) A representation
  
  as to a matter of fact is true, if it be substantially correct, that is to say,
  
  if the difference between what is represented and what is actually correct
  
  would not be considered material by a prudent insurer.
  (5) A representation
  
  as to a matter of expectation or belief is true if it be made in good faith.
  (6) A representation
  
  may be withdrawn or corrected before the contract is concluded.
  (7) Whether a
  
  particular representation be material or not, is, in each case, a question of
  
  fact.