Uberrima Fides

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Uberrima Fides

A legal principle in which all parties to a contract must make full disclosure of material facts in order for the contract to be effective. It is used in insurance contracts, in which the potential policyholder must declare all illnesses, injuries or other facts that would change the policy's level of risk. The phrase "uberrima fides" is Latin for "utmost good faith." It is also the motto of Lloyd's.
References in periodicals archive ?
Written at the University of Hamburg, this law dissertation reviews the historical role of the principle of good faith in marine insurance contracts, demonstrates good faith in the German and French versions of marine law, and examines the principle of utmost good faith in English marine insurance law.
During Gwinn's time as president of NAPSLO, the association held its first meeting not in conjunction with the National Association of Independent Insurers (NAII) and adopted the motto: "Uberrima Fides"--In Utmost Good Faith.
1 million payday and forgot that his profession is one of utmost good faith.
DEPA has complied fully and in utmost good faith with its obligations under the contract with Botas.
All members were re-assured that the name change proposal was made in the utmost good faith by the Directors after they had deliberated long and hard, and that there were no ulterior motives as had unfortunately, and without any evidence, been implied.
They are required to act in utmost good faith, and in accepting the office they impliedly undertake to give to the enterprise the benefit of their best care and judgment, and to exercise the powers conferred solely in the interests of the corporation.
During the mandatory negotiation period, the parties have an obligation to negotiate in the utmost good faith.
Generally, while all parties are exercising utmost good faith in establishing the correct indemnity, the product itself has so many "gray" areas that outright agreement among the parties is rare.
This obligation of an officer or director is often referred to as a fiduciary duty to the organization which means the officer or director must exercise the utmost good faith and loyalty to the organization.
The SPFL's rule book demands that member clubs act in the utmost good faith at all times.
It is to the insured that the insurance company owes the contractual obligation of utmost good faith and fair dealing.
1 with failing to behave with the utmost good faith to the SPL.