Question

What is the most important principle of insurance?

The query is from Insurance subject

This question was addressed to me in an international level competition.

Other related questions to my question are:

Why is the principle of insurance important?

Which principle of insurance is essential in all insurance?

What important insurance principle might come into play if you get the name of the insured wrong when giving information to an insurer?

Which principle suggest that insured should try to minimize the loss of his property even if it is insured?

Answer 1

The correct answer by me is: Utmost good faith

The title of my answer can be What Are Principles of Insurance (& Which Is Most Important)