MANAGEMENT

Detailed explanation-1: -The principle of utmost good faith states that the insurer and insured both must be transparent and disclose all the essential information required before signing up for an insurance policy. It states that both the parties must disclose all the material facts before subscribing to the policy.

Detailed explanation-2: -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.

Detailed explanation-3: -1. The bona fide (good faith) principle is a key component of most historic and modern legal orders, 1 and a “general principle of international law”. The principle requires parties “to deal honestly and fairly with each other (…) and to refrain from taking unfair advantage”.

Detailed explanation-4: -Utmost good faith is usually divided into 3 components: representations, concealments, and warranties.