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Speculative and Precautionary Demands

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Question

Write a word or phrase or a term which can substitute each one of the following:

The principle of insurance under which the insurer and the insured must show complete faith towards each other

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Solution

The principle of insurance under which the insurer and insured must show complete faith towards each other - Principle of utmost good faith
Explanation:
The principle of utmost good faith states that the insurer and the insured should have faith in each other and in the contract. Each should disclose all the necessary information related to the subject matter of the insurance. Complete faith towards each other is the prime condition of every contract.

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