A statement that a person makes and guarantees to be true is known as what?

A statement that a person makes and guarantees to be true is referred to as a warranty. In the context of insurance and legal contracts, a warranty is a specific promise or assurance that certain facts or conditions are true and will remain true throughout the life of the contract. If any warranty is found to be untrue, it may lead to a breach of the contract, allowing the other party to seek remedies or void the agreement.

For instance, in life insurance, a person may warrant certain health conditions or lifestyle choices, guaranteeing that they accurately represent their insurability. Warranties are essential as they form the basis of trust in the insurance process, allowing insurers to assess risk accurately based on the information provided.

The other terms have distinct meanings. An affidavit is a written statement confirmed by oath or affirmation, used primarily in legal contexts. A declaration is a formal statement but does not carry the same guarantee as a warranty. A testimonial refers to a statement or endorsement from someone speaking to the benefits or effectiveness of a product, service, or individual but does not imply a guarantee of truth.