The principle of utmost good faith is based on the concept that insurance contracts are:
A. Legally binding agreements.
B. Subject to interpretation by the insured.
C. Negotiable based on the insured’s preferences.
D. Voidable at the insurer’s discretion.
Answer:A
The principle of utmost good faith is based on the concept that insurance contracts are:
A. Legally binding agreements. B. Subject to interpretation by the insured. C. Negotiable based on the insured’s preferences. D. Voidable at the insurer’s discretion.