Utmost good faith Flashcards
1
Q
Why are insurance contracts different than other types of contacts
A
They are contracts of a promise
2
Q
What is a contract of a promise?
A
Fiduciary
3
Q
Uberrimae Fidei
A
Utmost good faith
4
Q
When can a contract be avoided and what does this mean
A
Fraud, misrepresentation, or non-disclosure, This is when the insurer can avoid their contractual obligation because of the actions of the other party
5
Q
What does avoidable mean
A
The contract is void from the start on the behalf of the aggrieved party. As if the contract had never happened
6
Q
Ab Initio
A
Contract is void from the start as if it never happened
7
Q
Under the marine insurance act what needs to be disclosed
A
-A fact that would influence the decision to offer insurance or not
