utmost good faith


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utmost good faith

n
(Insurance) a principle used in insurance contracts, legally obliging all parties to reveal to the others any information that might influence the others' decision to enter into the contract. Also called: uberrima fides
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References in periodicals archive ?
That they would be guided by utmost good faith in their dealings.
The key to success, however, is the basic principle of insurance of "Utmost Good Faith" which could only be established through collaborating and detaching from suspicions of data breaches.
Our industry is one founded, possibly more than any other, on uberrimae fidei, "the most abundant faith," or the duty of utmost good faith. This ethical obligation is codified in all states by unfair trade practices and bad faith laws.
The Football League deemed Leeds to be in breach of Regulation 3.4 which states "in all matters and transactions relating to the League, each club shall behave towards each other club and The League with the utmost good faith."
The letter reportedly accuses Leeds of breaching EFL regulations that clubs behave with the "utmost good faith" towards each other.
Meralco spokesperson Joe Zaldarriaga had said the power deals were negotiated in 'utmost good faith' and complied with ERC rules.
We have, at all times, performed our duties diligently and with utmost good faith and respect for the law."
'The irony of it all is that these traders are not being encouraged and supported in utmost good faith to compete in the open market.
* As I have said multiple times: "insurance is nothing more than a contract." It is, also, a contract of the utmost good faith that devolves equally on the insurer and the insured.
It requires the insurance applicant to exercise the utmost good faith by disclosing all facts regarding the risk.
A breach of a fiduciary duty occurs when (defendant) failed to act [with the utmost good faith, fairness, and honesty] [with the highest and finest loyalty] and:
| The duty of good faith remains but the right to avoid the insurance policy if the other party fails to act in accordance with utmost good faith has now been removed.