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: -Insurance agents must reveal critical details about the contract and its terms, while applicants are required to provide honest answers to all the questions fielded to them. Violations of the doctrine of good faith can result in contracts being voided and sometimes even legal action.

Detailed explanation-3: -1. 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.

Detailed explanation-4: -An insurance contract is known as a contract of ‘Uberrima Fides’, the Latin term for a contract based on ‘Utmost Good Faith’. This means that both you, and the insurer must disclose all material facts^ such as, pre-diagnosed medical conditions, history of illnesses in the family, and other relevant details.

Detailed explanation-5: -The doctrine of the utmost good faith, known in latin as “uberrimae fides", is a legal doctrine stating that parties in a contract must act honestly without withholding information or misleading each other.