INS 314 Theory Questions: Key Insurance Principles: Caveat Emptor vs. Utmost Good Faith and Disclosure Requirements

300 Level  Department of Insurance exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.

Questions:

a. Differentiate between the doctrine of “caveat emptor” (let the buyer beware) and the principle of “uberrima fides” (utmost good faith).

b. What is a Material Fact?

c. What information need not be disclosed in a contract of motor insurance?

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