What are statements made on an application for insurance known as?

The correct answer is representations. In the context of an insurance application, statements made by the applicant are referred to as representations because they are assertions regarding the facts as understood by the applicant at the time of application. These representations are relied upon by the insurer to assess the risk and make decisions about the issuance of the policy.

Representations are different from warranties, which are absolute promises that certain statements are true, and typically carry a higher burden of accuracy. Additionally, material concealments involve the failing to disclose information relevant to the risk being assessed, which can lead to issues during the claims process if the insurer discovers such omissions. Endorsements refer to modifications or additions to an insurance policy but do not pertain to the application statements made by the insured. Thus, understanding the term 'representations' is important in comprehending the nature of the application process for insurance.