What is defined as an intentional act designed to deceive another party?

Fraud is defined as an intentional act designed to deceive another party. It generally involves a misrepresentation of a fact that is material to a transaction, leading the other party to make a decision they otherwise would not have made. In the context of insurance and personal lines, fraud can manifest in various ways, such as inflating claims, providing false information on applications, or misrepresenting the nature of risks.

The essence of fraud lies in the intent to deceive and the reliance by the victim on that deception, resulting in harm or loss. This concept is crucial in legal contexts, as it can invalidate contracts, lead to civil liability, and result in criminal charges.

The other terms mentioned are distinct concepts. A waiver refers to the voluntary relinquishment of a known right, meaning a party chooses to forgo a legal claim or right. Estoppel is a legal principle that prevents someone from arguing something contrary to a claim made or implied by their previous actions or statements, especially if it would unjustly affect another party. Breach of warranty involves the failure to meet the terms of a warranty, which is a promise or guarantee, often concerning the quality or performance of a product. Each of these concepts serves a different purpose in legal and insurance frameworks, highlighting