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Key Insurance Principles: Caveat Emptor vs. Utmost Good Faith and Disclosure Requirements

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Description

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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