Insurances: Principle of Utmost Good Faith and Proximate Cause

Description

This Skill Bit explains the principle of utmost good faith in insurance, which mandates that both the insurer and the insured act honestly and disclose all relevant information. Additionally, it covers the principle of proximate cause, which identifies the dominant cause of a loss, ensuring that compensation is only provided for insured perils, thus maintaining fairness and integrity in insurance contracts.

Duration approx. 3 Min.

Tier: proficiency