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 ?
Handling claims with the utmost good faith and top-notch service can soften insurance's image one claim at a time.
marine insurance imposes a duty of "utmost good faith," or
To speed up project approvals the committee recommended scrapping a layer of government inspections; instead it said India should rely on business owners to voluntarily disclose the pollution that their projects will generate and then monitor their own compliance an approach the committee described as "the concept of utmost good faith." Environmentalists are worried that the new approach will go beyond cutting red tape and will do away with effective regulation altogether.
Ramirez had admitted accepting the donations, but pointed out that he did so in "in utmost good faith and without any knowledge as to the source of the funds."
The first is the Duty of Utmost Good Faith which requires that the insurer and the insured act towards each other in good faith.
According to the Certified Financial Planner Board of Standards, a fiduciary "acts in utmost good faith, in a manner he or she reasonably believes to be in the best interests of the client." This also requires:
With sincerity and utmost good faith, one may not conclude with no hope at all, but decision is left to the people of Lakes state to comprehend and analyze benefits of presidential visit to Lakes State whether has succeeded in their favour or otherwise.
Out of sheer gratitude and acting in utmost good faith, I reached for my wallet and pulled out a generous tip and gave it to him.
When I became a member of the UK financial services industry in 1971, it was on the premise of 'Uberrima fides', yet 40 years later utmost good faith no longer applies to all the British MPs, or seemingly to some of the financial press.
Because insurance is a business of utmost good faith, insurers and their agents and brokers often enter into oral agreements with regard to the collection of premiums and how the broker is entitled to commissions.
The IASL campaign will draw the attention of the public to the single and most important principal of insurance which is 'Uberrimae Fidei', which translates to 'utmost good faith'.
(6) Accordingly, and because of this relationship, the insurer owes a duty to the insured to "exercise the utmost good faith and reasonable discretion in evaluating the claim" and negotiating for a settlement within the policy limits.