EXPLAIN THE PRINCIPLE OF UTMOST GOOD FAITH AND PRINCIPLE OF
INDEMNITY.
Answers
Answered by
12
Explanation:
Utmost good faith : It is the duty of the insured to disclose all the material facts relating to risk to be covered. ... Indemnity: The purpose of indemnity is to restore the insured person to approximately the same financial position that existed prior to the loss
Answered by
3
Answer:
The principle means that every person who enters into a contract of insurance has a legal obligation to act with utmost good faith towards the company offering the insurance. A person must, therefore, always be honest and accurate in the information they give to the insurance company.
Similar questions