A factory owner gets his stock of goods insured but he hide the fact that the electricity board has issued him warning letter to get his factory wiring changed. Later on, the factory catches fire due to short circuit. Which principle of insurance is violated in the given case? Explain.
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Answer:
principle of utmost good faith
Explanation:
it means insured must have to disclose all the facts regarding the goods/services to the insurer, both the parties should be honest towards each other
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