What term refers to the part of a life insurance policy guaranteed to be true?

The term that refers to the part of a life insurance policy guaranteed to be true is "warranty." In the context of an insurance policy, a warranty is a statement that is assured to be accurate and must be complied with for the policy to remain in force. This means that if a warranty is included in the policy, the insurer can rely on it as a guaranteed truth, and any breach of that warranty could potentially result in the invalidation of the policy.

In contrast, other terms such as "representation" involve statements made by the applicant that are believed to be true to the best of their knowledge but do not have the same binding promise as a warranty. Real-life conditions that may change over time can affect representations; they are not guaranteed to be true in the future. "Statement of fact" is more general and does not carry the same contractual implications as warranty. An "affidavit," while it is a sworn statement, is not commonly used in the context of insurance policies to denote guarantees regarding the truthfulness of statements made within the contract.

Understanding the distinction between these terms is essential for navigating insurance contracts and ensuring compliance with the conditions set forth by insurers.