Question

Which principle of insurance is highlighted in the following statements?

a.The insurer and insured should disclose all the material facts related to

contract.

b.Insurer is not liable for any uninsured causes.

c.Insured must have some economic interest in the subject matter of

insurance contract.

d.After compensating the loss, insurer gets all the rights with respect to the

subject-matter insured.

e.Insured should take reasonable steps to minimize the loss.

f.Insured is entitled to recover the loss suffered by him, up to the limit of the

policy amount. d.After compensating the loss, insurer gets all the rights with respect to the

subject-matter insured.​

Answer 1

Answer:

The principle of utmost good faith is the most basic and primary level principle of insurance and it applies to all kind insurance policies. It simply means that the person who is getting insured must willingly disclose to the insurer, all his complete & true information regarding the subject matter of insurance.