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Uberrima Fides
(redirected from Utmost Good Faith)

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.01 sec.
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.


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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.
The relationship between an insurance agent or broker and the person acquiring insurance requires the agent to treat the insured with the utmost good faith.
Many creditors, in recent times, work on the principle of utmost good faith, which means the borrower has to prove fair past dealings before the new transaction begins.
 
 
 
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