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New Books for Insurance Professionals Now Available on Amazon.com



Insurance is by definition a business of utmost good faith. This means that both parties to the insurance contract must act fairly and in good faith towards each other and not do anything that will deprive the other of the benefits promised by the insurance contract.

Without the covenant of good faith and fair dealing, and ethical people working in the insurance industry who enforce and fulfill the covenant, effective insurance to spread the risk of loss to a large group of insurance professionals is impossible. You cannot act fairly and in good faith without being a person with a well-formed ethical compass.

In 1776 Lord Mansfield as a Chief Justice serving in the House of Lords of Britain (the predecessor of Great Britain) referred for the first time to the Covenant of Good Faith and Fair Settlement. In the given case: Carter v. Boehm SC 1 Bl. Burr 1906, 11 May 1766. 593, 3 Lord Mansfield in the British House of Lords stated the rule of uberrimae fide (Latin for utmost good faith).

Ethics and ethical behavior are essential for all insurance professionals

Good faith forbids either party, by concealing what he privately knows, to draw the other into a bargain, from his ignorance of this fact and his belief to the contrary.

The implied covenant is simply stated by declaring that neither party to an insurance contract should do anything to deprive the other of the benefits of the contract.

Since at least 1766, the insurance business has been a business of utmost good faith. Each party to an insurance contract must deal with each other ethically. This book will consider and explain various ethical concepts from the Code of Hammurabi more than 3000 years ago to modern ethical philosophers.

The general duty of good faith and fair dealing incorporated by reference into every insurance policy requires a full understanding of ethics and ethical conduct.

The bond is mutual, and the principles of good faith and fair dealing impose a positive duty of cooperation on the insured as much as it requires the insurer to treat the insured fairly with respect to any claim presented.

Without the covenant of good faith and fair dealing, and ethical people working in the insurance industry who enforce and fulfill the covenant, effective insurance to spread the risk of loss to a large group of insurance professionals is impossible. You cannot act fairly and in good faith without being a person with a well-formed ethical compass.
In 1776 Lord Mansfield as a Chief Justice serving in the House of Lords of Britain (the predecessor of Great Britain) referred for the first time to the Covenant of Good Faith and Fair Settlement. In the given case: Carter v. Boehm SC 1 Bl. Burr 1906, 11 May 1766. 593, 3 Lord Mansfield in the British House of Lords stated the rule of uberrimae fide (Latin for utmost good faith):

This book considers and explains various ethical concepts from the Code of Hammurabi more than 3000 years ago to modern ethical philosophers.

The Covenant of Good Faith and Fair Dealing is a statement of the ethical basis for the insurance business.


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