The principle of insurance which requires proposers to give all relevant information to the insurer.
Insurance term - exporters must disclose all relevant information to the insurer before the risk is insured
All insurance contracts are on the basis of the concept of 'Uberrima Fides', or Utmost Good Faith. Since the insured has the advantage over the insurer as far as the conditions under which insurance is being bought - say the true state of his health, or the dangers that his house faces from fire - the insurer has the obligation to declare all such material facts with utmost good faith to the insurer so that he may sell you the policy while in possession of the required information.
A principal of insurance which states that the insurance company must be able to rely on the honesty and cooperation of the insured, and the insured must rely on the company to fulfill its obligations in good faith.
An insurance principle that puts obligations on both the policyholder and the insurer. In principle it means that any prospective policyholder must tell the insurance company any fact that is likely to effect their assessment of the proposal and that the insurance company must disclose full details of it's cover and not withhold any exclusions which might effect the policyholder decision to buy a particular insurance contract from them.
A phrase in a legal document calling for the highest standards of integrity on the part of the insured and the insurer. See also Uberrimae Fidei.
A principal of insurance stating that both the insurance company and the insured have a duty to disclose all material facts with respect to a risk, whether they are asked or not. If the definition you're searching for is not listed, please feel free to email us.
A basic principle of insurance. Mutual trust in negotiating an insurance contract. The insured and their broker must disclose and truly represent every material circumstance to the underwriter before acceptance of the risk. A breach of good faith entitles the underwriter to avoid the contract.
duty placed on both parties to an insurance contract. The insured has to disclose material facts while insurers have to act reasonably and communicate clearly.
see UBERRIMA FIDES ("Utmost" has been ruled to have no particular meaning in South Africa)
The responsibility to disclose fully and faithfully all material facts which are known to the person concerning his or her insurability.
