Question

What does "Utmost Good Faith" mean?

a.

Strict adherence to underwriting guidelines

b.

Honest and open communication in insurance transactions

c.

Disclosure of all policy exclusions and limitations

d.

Absence of any policyholder complaints

Posted under IC85 Reinsurance Management

Answer: (b).Honest and open communication in insurance transactions Explanation:"Utmost Good Faith" can be defined as firm adherence to promises made to another, including the disclosure of all relevant facts and complete trust in the fidelity of the other party. It emphasizes absolute honesty, openness, and the absence of any concealment or deception.

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Q. What does "Utmost Good Faith" mean?
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