"Insured must disclose the relevant facts related to subject matter". Identify the principle highlighted?

Principles of indemnity.

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Principle of utmost good faith.

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Principle of contribution

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Principle of subrogation.

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Solution

The correct option is B
Principle of utmost good faith.

Principle of utmost good faith.The principlemeans that every person who enters into a contract of insurance has a legal obligation to act with utmost good faith towards the company offering the insurance.

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Similar questions

Name the principle of insurance for each of the following statements:

(a)The insured is expected to disclose all the important facts related to the property insured.

(b) Insured must have some economic interest in the subject matter of Insurance contract.

(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount

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