Question

Explain the principle of Utmost good faith​

Answer 1

Answer:

The principle of utmost good faith, uberrimae fidei, states that the insurer and the insured must disclose all material facts before the policy inception. 2. Facts which may enhance the level of risk are called material facts. ... This principle applies to both life insurance and general insurance policies.

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Answer 2

Answer:

The principle of utmost good faith requires all parties to reveal any information that could feasibly influence their decision to enter into a contract with one another. In the case of the insurance market, that means that the agent must reveal critical details about the contract and its terms

Explanation:

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