Which of the following statements is true regarding insurance policies?

The assertion that insurance policies can be voided for failure to disclose relevant information is indeed accurate. This concept is rooted in the principle of "utmost good faith," known as "uberrima fides," which is fundamental to insurance contracts. When an applicant for insurance provides information, they are legally and ethically obligated to disclose all material facts that could influence the insurer's decision to underwrite the policy or the terms of coverage.

If an insured party fails to disclose pertinent details, such as prior claims or existing conditions, the insurance company has the right to void the policy, meaning it is treated as if it never existed. This is crucial for maintaining the integrity of the insurance process since both parties need to operate on complete and honest information to assess risk correctly.

The other options do not accurately reflect the nature of insurance policies. For instance, the inability to void a policy under any circumstances is incorrect, as insurer rights regarding misrepresentation are well established. Premiums can also change upon renewal or due to changes in risk factors, meaning that they are not fixed once a policy is issued. Lastly, coverage options are not necessarily final after signing, as policyholders can often modify their coverage or make endorsements later.