Parties have a duty of good faith in contracts for the purchase and sale of insurance.

Name: Parties have a duty of good faith in contracts for the purchase and sale of insurance.
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Question

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Parties in contracts for the purchase and sale of insurance have a duty of good faith, which means that they must act in an honest and fair manner towards each other and disclose any material information related to the contract. This duty is implied in every insurance contract and is a fundamental principle of insurance law.

Parties Have a Duty of Good Faith in Contracts for the Purchase