concealment of information considered to be material to the contract of insurance is violating the principle of?
Question 1 Report
concealment of information considered to be material to the contract of insurance is violating the principle of?
Answer Details
Concealment of information that is important to the insurance contract violates the principle of utmost good faith. This principle requires both the insurer and the insured to provide complete and accurate information related to the insurance contract. Failure to disclose material information can lead to a breach of the principle of utmost good faith, and may result in the insurer denying coverage or even cancelling the policy. Therefore, it is important for both parties to be honest and upfront during the process of negotiating and finalizing an insurance contract.
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