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Question
Select the proper option from the options given below and rewrite the completed sentence.
Principle of utmost good faith is applicable to _________.
Options
Life insurance
Marine insurance
All types of insurance
Solution
The principle of utmost good faith is applicable to all types of insurance.
Explanation:
The principle of utmost good faith asserts that both parties—the insurer and the insured—must disclose all material facts clearly, completely and correctly. This implies that the insured as well as the insurer should be faithful towards each other. Trust and honesty are the two values that are needed in all types of insurance agreements. Thus, all insurance agreements must be made in utmost good faith.
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