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Question

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A person suffering from cancer did not disclose this fact while taking a LIC policy. Name the principle he/she violated and explain it in 50 words?

Solution

Principle of utmost good faith is violated Insurance is a contract of utmost good faith. It means that both the persons entering into contract should be absolutely honest to each other.

Good Faith : A contract of insurance is a contract of uberrimae fidei, i.e., requiring good faith between the parties. The insured must not conceal anything which is material to the subject matter of insurance.

Some More Questions From Business Services Chapter

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Write down the non-banking services of postal services.

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