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: -In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution.

Detailed explanation-3: -The doctrine Uberrimae Fidei derives its origin from the formation of a contract of insurance under English law. Unlike the usual contracts in the legal landscape, the law of insurance in England revolves around the principle of Uberrimae Fidei, Latin for the principle of utmost good faith.

Detailed explanation-4: -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”.