Insurance Awareness - Life Insurance - LIC
Which principle requires both insurer and insured to disclose all material facts honestly in life insurance?
Which principle requires both insurer and insured to disclose all material facts honestly in life insurance?
easy Q13 of 15
Step-by-Step Solution
Step 1: Recall insurance principles
Utmost Good Faith (Uberrimae Fidei) requires both parties to disclose all material facts honestly.Final Answer:
Utmost Good Faith → Option AQuick Check:
Indemnity, Subrogation, and Contribution are different principles not related to disclosure of facts.
Quick Trick: Utmost Good Faith = full disclosure by both parties.
Common Mistakes:
MISTAKES- Confusing Utmost Good Faith with Indemnity.
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