What are warranties in the context of insurance applications?

In the context of insurance applications, warranties refer to statements made by the applicant that are guaranteed to be true in all respects. These statements are crucial because they establish a basis for the insurer to assess risk and determine policy conditions. If a warranty is proven to be false, it can lead to the voiding of the insurance contract. This is significantly different from representations, which are statements that the applicant believes to be true but may not be guaranteed. Warranties hold a higher standard as they create an absolute obligation for the applicant, ensuring that the insurer has accurate information on which to base their underwriting decisions. Thus, the critical nature of warranties in affecting coverage and liability makes this answer the correct choice.