What are statements made on an insurance application believed to be true called?

Statements made on an insurance application that are believed to be true are referred to as representations. This term is used to describe the information provided by the applicant, which the insurer relies upon when making underwriting decisions. Representations are not guaranteed to be absolutely accurate, but applicants are expected to provide truthful information to the best of their knowledge. If representations are found to be false and are material to the risk, it could lead to claims being denied or policies being canceled. This subtlety highlights the importance of honesty and accuracy in the application process, as it forms the basis of the insurance contract.

The other options, while they may seem relevant, do not accurately capture the essence of what these statements are. Descriptions generally provide a narrative or account of something but lack the legal implications of a representation. Declarations are often used in the context of policies to summarize coverage, while affirmations typically refer to statements made with a commitment to truthfulness but do not have the same specific connotation within the realm of insurance applications.