Insurance Commission Licensure Exam - Non-Life Practice Questions - Insurance Commission Licensure Exam - Non-Life General Insurance Agent (Philippines) Exam

What does the principle of Utmost Good Faith (Uberrimae Fidei) require from both parties of an insurance contract?

To negotiate the premiums in a public bidding process To disclose all material facts honestly and completely to each other To hire independent legal counsel to review every clause of the policy To settle all disputes within 15 days without involving the court

Correct Answer:

To disclose all material facts honestly and completely to each other

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