1. For a life insurance policy, insurable interest must exist:

At the time of application

In life insurance, insurable interest must exist when the policy is applied for; it need not exist at the time of the insured's death.

2. Compared with a representation, a warranty in an insurance contract is:

Guaranteed to be literally true

A warranty is a statement guaranteed to be literally and absolutely true, while a representation is believed true to the best of the applicant's knowledge.

3. Concealment in insurance refers to:

Intentionally withholding a material fact

Concealment is the failure to disclose a known material fact; if intentional and material, it can void coverage.

4. Insurers rely on the law of large numbers to:

Predict losses more accurately as the number of similar risks increases

The law of large numbers allows insurers to predict aggregate losses more reliably as the number of similar exposure units increases.