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Legal Terms
Term: umberrimae fidei
1.
A term applied to insurance contracts that requires an insured legal person to disclose any relevant particular that may affect the insurer's decision to grant the insured a policy of insurance. The duty may also apply to contracts for the sale of shares, land, and partnership. [Latin: of the utmost good faith].
The terms is also used in the context of fiduciary duties.
Usage: The failure of the insured to act umberrimae fidei resulted in the cancellation of the insurance contract.
Related Words: fiduciary duty; contract; insurance; insured; insurer; subrogation; separate legal entity; fiduciary; separate legal personality; corporate veil; fiduciary relationship.
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