Utmost Good Faith Binding Between Insured And Insurer Part IV Two policies cover the same consignment, a small claim response, but the insurer rejected the bigger sun-insured claim. The story of the insurer not following the Utmost good Faith rule by the insurer. In Malaysia, it is common for the insured or a transporter to […]
Category: utmost good faith
Utmost Good Faith: Insured and Insurer Binding Part IV
Utmost Good Faith: Insured and Insurer Binding Part IV. The insurer has a bigger role in Utmost Good Faith binding both parties, namely the insurer and the insured. Liver Transplant Tragedy Friday, June 7, 2002, on Singapore Strait Time, carried the title “Transplant tragedy: Heartbreak for wife: ‘He died not knowing I was pregnant.’ Transplant […]
Utmost Good Faith: Insured-Insurer Binding Part III
Utmost Good Faith: Insured-Insurer Binding Part III. How did the insured make use of the loophole of the Utmost Good Faith? I am eager to prove my capacity to earn the non-motor insurance profit commission besides the normal agent commission during my first year as an agent/broker after I quit my full-time job in a […]
Utmost Good Faith: Insured and Insurer Binding Part II
Utmost Good Faith Binding Between Insured and Insurer Part II What is Fraudulent Misrepresentation? Fraudulent misrepresentation, also known as concealment, happens when the insured fails to disclose important information. For an insurance company to deny payment due to concealment, it must prove that: The insured knew the fact was crucial for the insurance being applied […]
Utmost Good Faith in Insurance: an essential principle
Utmost Good Faith in Insurance: Essential Principle, how it applied to the insurer and insured in the proposal. Utmost good faith, or Uberrimae Fidei, is a key principle in insurance law. It requires everyone involved in an insurance contract to act honestly and disclose all relevant information. The insured must provide accurate details […]