B Com Exam > B Com Videos > Principles of Insurance > Principal of Utmost Good faith - Insurance Contract, Principles of Insurance
Principal of Utmost Good faith - Insurance Contract, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Principal of Utmost Good faith - Insurance Contract, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is the principle of utmost good faith in an insurance contract? |  |
Ans. The principle of utmost good faith is a fundamental principle in insurance contracts. It requires both the insurer and the insured to disclose all material facts related to the insurance coverage. This means that both parties must provide complete and accurate information to each other before entering into the contract. Failure to do so may result in the contract being voidable by the insurer.
| 2. What happens if the principle of utmost good faith is violated in an insurance contract? | |
Ans. If the principle of utmost good faith is violated in an insurance contract, it can have serious consequences. If the insured withholds or misrepresents material information, the insurer may have the right to void the contract and refuse to pay any claims. On the other hand, if the insurer fails to disclose important information, the insured may have the right to cancel the contract and seek compensation for any losses.
| 3. What are material facts in the context of the principle of utmost good faith? | |
Ans. Material facts refer to any information that could influence the insurer's decision to offer insurance coverage or the premium amount. These facts may include the insured's previous claims history, any criminal convictions, or any other information that could increase the risk for the insurer. It is important for both the insured and the insurer to disclose all material facts to ensure a fair and valid insurance contract.
| 4. Can the principle of utmost good faith be waived in an insurance contract? | |
Ans. No, the principle of utmost good faith cannot be waived in an insurance contract. It is a fundamental principle that applies to all insurance contracts. Both parties are legally obligated to provide complete and accurate information. Attempting to waive this principle would render the contract voidable and may lead to legal consequences.
| 5. What are some examples of violations of the principle of utmost good faith in insurance contracts? | |
Ans. Violations of the principle of utmost good faith can include intentional or unintentional misrepresentation, failure to disclose material information, or providing false information. For example, if an insured fails to disclose a pre-existing medical condition when applying for health insurance, it would be a violation of the principle. Similarly, if an insurer fails to disclose the full extent of coverage or specific exclusions, it would also be a violation. These violations can have serious consequences for both parties involved in the insurance contract.
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Dec 23, 2024 Last updated |
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