Question

Which principle states that insured should take responsible steps to minimise the

loss to the insured property?​

Answer 1

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.

The insurer’s liability exists only on the assumption that no material fact is hidden or falsely presented by the person getting insured.

Explanation:

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