Principle of Utmost Good Faith: Examining the duty of disclosure in insurance
The principle of utmost good faith is a fundamental concept in insurance that imposes a duty of disclosure on both
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InsuranceInsightful
Simplifying Insurance, Empowering You.
InsuranceInsightful
Simplifying Insurance, Empowering You.
insurance contract
Insurance Contract: Elements and Clauses Insurance Contract-1
Insurance may be defined as a contract between two parties whereby one party called insurer undertakes, in exchange for a fixed sum called decorations, to pay the other party called ensured a fixed quantum of plutocrat on the passing of a certain event. The insurance, thus, is a contract whereby Since Insurance
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Insurance Contract: Elements and Clauses Insurance Contract-2
Utmost Good Faith The doctrine of telling all material data is embodied in the important principle ‘ utmost good faith ’ which applies to all forms of insurance. Both parties to the insurance contract must agree( announcement idem) at the time of the contract. There shouldn’t be any misrepresentation,non-disclosure
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