examples of principle of utmost good faith in case of life insurance and also in general insurance.
Answers
Answered by
0
Life insurance- If a person take a life insurance policy by hiding the fact that he is a heart patient and later on if the person dies of a heart attack then the insurance company refuse to pay compensation because a material fact was hidden by the insured.
General insurance - If a factory owner takes a fire insurance policy hiding the fact that electricity board has issued him a statutory warning letter to get his factory's wiring changed and later on if the factory catches fire due to short circuit on wiring then the insurance company can refuse to pay the compensation...
General insurance - If a factory owner takes a fire insurance policy hiding the fact that electricity board has issued him a statutory warning letter to get his factory's wiring changed and later on if the factory catches fire due to short circuit on wiring then the insurance company can refuse to pay the compensation...
Similar questions