What is the term used for an agent telling an insured about coverage for a loss when no such coverage exists?

The term that accurately describes an agent telling an insured about coverage for a loss when no such coverage exists is material misrepresentation. This occurs when an agent provides false information about an insurance policy's coverage, thereby misleading the insured. In doing so, the agent misrepresents the terms and conditions of the insurance policy, which can affect the insured's understanding of what is covered or excluded.

Material misrepresentation can have serious consequences, as it can lead to claims being denied or legal implications for both the agent and the insurance company. It is crucial for agents to provide accurate and truthful information to ensure that insured individuals can make informed decisions about their coverage.

The other terms listed do not precisely capture the nature of providing incorrect coverage information. Estoppel relates to preventing a party from asserting something contrary to what is implied by a previous action or statement, while concealment refers to the intentional withholding of information by the insured. Waiver involves the relinquishment of a known right, which doesn't align with the act of miscommunicating coverage details.