Garth applied for a life insurance policy on the, Management Theories

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Garth applied for a life insurance policy on the

Question: Garth applied for a life insurance policy. On the application, he stated "none" in response to a question asking whether he had any hobbies, even though he was a famous stamp collector. When he died, the insurance company refused to pay the policy proceeds on the grounds that Garth had lied on the application for insurance. Was the insurance company correct?

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