A person suffering from cancer did not disclose this fact while taking a life insurance policy. Name the principle he violated and explain it about 50 words.
Answers
In this case, the customer merely violated the principle of good faith.
This basically states that while applying for a contract or insurance, both the parties signing it, need to be clear and transparent not each other. They should clearly indicate all factors and not present any false statement not hide it.
If this gets violated, then such an agreement made by that party who violates the basic norms, would not be considered as valid and it does not contain true information.
So the customer who had applied for the insurance should have presented about have detailed about his true health conditions so that it would leave upon the insurance company whether the customer was really eligible for the loan still or not.
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