Representation: a statement the applicant believes is true to the best of their knowledge. It can be changed or withdrawn before the insurance takes effect, but not afterward (§355). If it is false in a material point, the injured party may rescind (§359). A small, immaterial error does not void coverage.

Warranty: a statement guaranteed to be true and made part of the contract. Violation of a material warranty entitles the other party to rescind (§447).

California life insurance: in the absence of fraud, statements made by the insured are treated as representations, not warranties (§10113).

Waiver: voluntarily giving up a known right. Estoppel: after a right has been waived, it cannot later be reasserted against someone who relied on that conduct. For example, an insurer that knowingly issued a policy despite a disclosed fact may be stopped from later using that fact to rescind.