These are facts borrowers give to lenders about themselves when they apply to borrow money.
In life and health insurance, statements made by an applicant on the application that he or she represents as being substantially true to the best of his or her knowledge and belief, but which are not warranted as exact in every detail, as compared to warranties. (See also: warranties and representations.)
Statements made by the proposed insured in the process of securing coverage. Coverage may be voided if the representation is false and material to the determination of risk. The standard of truth in representation is substantial, that is, “to the best of knowledge and belief,” but not exact to detail.