Augusta
VIP Contributor
In insurance there's one outstanding principle that all insured ( those that bought insurance policy) must follow. This principle is the principle of utmost good faith otherwise known as uberrimae Fidel.
This principle has to do with the insurer disclosing every detail of a contract to the insurance company. This is about being truthful in all aspects when you buy an insurance policy. The importance are as follows;
The insurance company would be able to have the full knowledge of the risks involved in your insurance policy to avoid miscalculation either for you or them.
So that there will be no argument when it comes to making claims or getting compensation when you are due for one
With the right information, the right premium would be paid by you the insured.
What's your thoughts on this Principle?
This principle has to do with the insurer disclosing every detail of a contract to the insurance company. This is about being truthful in all aspects when you buy an insurance policy. The importance are as follows;
The insurance company would be able to have the full knowledge of the risks involved in your insurance policy to avoid miscalculation either for you or them.
So that there will be no argument when it comes to making claims or getting compensation when you are due for one
With the right information, the right premium would be paid by you the insured.
What's your thoughts on this Principle?
