Asked by Cassandra Barrios on May 04, 2024
Verified
Good faith requires the party who is applying for insurance to reveal everything necessary for the insurer to evaluate the risk of issuing a policy.
Good Faith
The sincere intention to deal fairly with others, without taking advantage of them, especially in a contractual or negotiation context.
Applying for Insurance
The process of submitting a request or application to an insurance company for coverage or protection against specific risks or perils.
Evaluate Risk
The process of identifying, analyzing, and determining the level of risk associated with a specific action or scenario.
- Understand the importance of disclosure and good faith in the insurance application process.
Verified Answer
Learning Objectives
- Understand the importance of disclosure and good faith in the insurance application process.
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