JAIPUR NATIONAL UNIVERSITY

SEEDLING SCHOOL OF LAW & GOVERNANCE

Assignment

Subject: Law of Insurance

TOPIC: Risk

SUBMITTED TO: SUBMITTED BY:

Mrs. Garima Dhaka
ASST. PROF.(SSLG) LLB(3 yrs) 5TH SEM.

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 INDEX

S.NO. TOPICS PG NO.

1. General Introduction 3

2. Underwriting of Risk 3

3. Meaning and Definition of Risk 4

4. Risk Covered in Life Insurance Policy 8

5. Circumstances affecting Insurable Risk 8

6. Meaning and Definition of Underwriting 9

7. Need and Importance of Underwriting 13

8. Doctrine of Utmost Good Faith 14

9. Conclusion 20

10. References 22

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 Acknowledgment

I am glad to have an opportunity to present my research work which is a humble

attempt to meet an assignment or can say project work in The Constitution of India which
was subjected to us by the concerned teacher and guide Prof. Mrs. GARIMA DHAKA, I have
put in my best possible efforts to make it as easy and clear as much it was possible. In this
regard I would like to thank my teacher of the concerned subject who acted as an
inspirational guiding source to us and also our friends throughout.
Thus, I would like to class this page with my heartful thanks to all those who have helped me
in the completion of my work.

Thanking you.

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 INTRODUCTION

Insurance is an arrangement by which losses suffered by a small number of insured

are spread over many, exposed to similar risk. Thus, the primary function of insurance, be it
life, or non-life or reinsurance, is providing protection by assessing the risk and sharing the
same with many by the process of risk sharing and, thus, minimizing individual risk and its
impact. This basic function is followed by subsidiary responsibilities like efforts for
preventing losses and adding the development through the investment of funds.

In the today’s complex and busy life risk is at every step. So, these days insurance
has become essential for managing risk. The insurance company collects the premium from
insuring public and act as a trustee to the amount so collected. In case of any unexpected
incident the loss is paid out of the premium so collected. Today, it is only the insurance
company which prays for the longer life of insured.

UNDERWRITING OF RISK

The most complicated aspect of the insurance business is the underwriting of policies.
Using a wide assortment of data, insurers predict the likelihood that a claim will be made
against their policies or not and price the products accordingly. To this end, insurers use
actuarial science to quantify the risks they are willing to assume and the premium they will
charge to assume them. Data is analyzed to fairly and accurately project the rate of future
claims based on a given risk. Upon termination of a given policy, the amount of premium
collected and the investment gains thereon minus the amount paid out in claims is the
insurer’s underwriting profit on that policy. From the insurer’s perspective, some policies are
“winners” and some are “losers”, the insurance companies essentially use actuarial science to
attempt to underwrite enough “winning” policies to pay out on the “losers” while
stillmaintaining the profitability. Thus, underwriting is the process of deciding to reject or
accept an insurance proposal depending upon the risk factor.

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Meaning and Definition of Risk

There is no definite or commonly accepted definition of term ‘risk’. However for the
purpose of insurance, this term refers to the future risk of loss. A few definitions of the term
‘risk’ as given by well known authorities on the subject are as follows:

Risk is the name of uncertainty and uncertainty is one of the basic realities of life. “In
this world, nothing can be said to be certain except death and taxes”. Therefore, uncertainty
and risk remain in every part of life.

-Benjamin Franklin
“Risk is the chance of loss or injury”

- Boon and Kurtz

“Risk is a measurable uncertainty”

- Frank H. Knight
“Risk is the variation in the possible outcome that exists in nature in a given
situation”.

- Williams and Heins

Thus risk is the uncertainty or chance of loss or injury, which is one of the realities of
life.

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Risk Covered in Life Insurance Policy

Human life has many probable uncertainties and risks such as untimely death,
disability, fatal illness as well as a very long life. These risks can be successfully countered
with the help of life insurance.

The ultimate objective of life insurance contract is to save the insured from economic
loss caused by the loss of life or any other unfortunate event. Thus, the scheme of life
insurance policy basically covers the risk of death. In case of death, insurance company pays
full sum assured, which is several times larger than the total of the premium paid and thereby

saves the family from the financial strain due to unforeseen and premature death.5

Circumstances affecting Insurable Risk

Risk in life insurance is the risk of death at an early date due to disease as
distinguished from accident. In Thomson v. Weems (1884) 9 AC 671, 681 ,it was observed that
those insurers whose business is to insure lives calculated on the average rate of mortality and
charge a premium which on that average will prevent losses.

Hence, in life insurance, facts which tend to shorten the span of the life assured would
amount to the circumstances affecting the risk and these facts are regarded as material facts
for purposes of the duty of disclosure.

(a) Age
The age of the life who is assured is the most important factor to affect mortality. The
insurance company asks for the age nearer to birth days. A person of 22 years 7 months and
another person of 23 years 5 months are treated of the age of 23 years. The age proof is very
essential for calculating premium rate. The maximum and minimum limit of age is fixed to
avoid risk of mortality.

(b) Build Up
It includes- height, weight, and the distribution of weight and chest expansion of the
person to be insured. Overweight is the indication of certain hidden diseases, underweight is

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also not very desirable. If the assured life is not within the standard the proposal may not be
accepted.

(c) Physical Conditions

Physical condition of a person has a direct bearing on the mortality of the life.
Conditions of sight, hearing, heart, arteries, lungs, tonsils, teeth, nervous system are properly
examined by the doctors before making his report.

(d) Personal History

The personal history of the proposer would reveal the possibility of death to him. The
history may be connected with the health record, past habits, previous occupation and
insurance history.

(e) Family history

Family history requires information of habit, health, occupation and insurance of
other family members particularly of the parents, brothers, and sisters. Longevity of the
parents is a relevant factor for determining the degree of risk of the proposed life to be
insured. It is significant to know the transmission of characteristics by heredity. Heart, lungs,
build etc. follow family characteristics.

(f) Occupation
The nature of his/her occupation and the factors in occupation that contribute to
enhancing the risk are taken into consideration. If the nature of work is hazardous it will
surely increase the degree of insurance risk. Factory workers employed in chemical factories,
match factories run the risk of contacting poison. The dirty and unhealthy environment
deteriorates the health of the workers.

(g) Residence
The insurance risk will be lesser in a good climate area and more in a bad climate.
The geographical location, atmosphere, political stability, climate, travel, etc. greatly affect
the degree of risk. Therefore, all these factors are given due consideration while assessing
risk and the amount of premium.

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(h) Present Habits
Living standard and personal habits of a person like smoking, drinking, yoga, cycling,
walking etc. also have an impact on the risk factor involved. Non temperate habits cause
increase in mortality and temperate habits tend to increase longevity of a person.

(i) Morals
Departure from accepted standards of ethical and moral conduct involves extra
mortality. Unethical conduct is considered to be a moral hazard. So, insurance is not given to
bankrupt and reputed dishonest persons.

(j) Race and Nationality

Mortality rate differs from race to race and nation to nation, in tropical countries the
span of life is shorter than that of persons living in temperate climate.

(k) Gender

Mortality among female sex is higher than that of male sex, because of the physical
hazard of maternity in the former case.15 Other factors which are also given due
consideration in selection of risk are economic status of the person to be insured, nature of his

occupation and the plan under which insurance is sought.16

Based on these risk inducing factors, the underwriter assess the premium, if the life
falls within any substandard class, extra premium is levied. Besides these factors, the
underwriter also takes into account the type of cover required by the proponent, the sum
assured and the possibility of any moral hazard.

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Meaning and Definition of Underwriting

An insurer receives insurance proposals having different kinds of hazards. It is not,

however, practical to accept all these proposals. Only the proposals which are favorable and
advantageous to the insurer are accepted and others are rejected. This process of accepting or
rejecting a proposal in view of the risks involved in each is called underwriting.

Underwriting basically means investigating and verifying the economic, physical and
social conditions of a person while accepting the risk for his life.

A few definitions given by important authorities on this subject are as under:

1. “Underwriting involves a determination of whether a given application for insurance will

be accepted or declined”.

-Frank Joseph Angell

2. “Underwriting is selection of risks for the insurers and determination of what amounts and
what terms acceptable risks will be insured”.

-Mowbray and Blanchard

3. “Underwriting is the process of accepting or rejecting risks”.

-Mehr and Cammack

In light of above definitions, we may conclude that underwriting is the process of deciding
whether to accept or reject an insurance proposal based on the risk factors.

Need and Importance of Underwriting

The process of underwriting is an important one in all insurances office but it is the
backbone for life insurance. It is true that every individual has unlimited insurable interest in
his or her own life. But this dictum cannot be put into practice for many reasons.
Underwriting offers a process of evaluating the monetary value of life, for which the
life assured can be offered life insurance cover after taking into account the health, economic
and social environments of the proponents.

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 So, it primarily involves assessment and evaluation of risk involved in a life insurance
proposal. If the risk is wrongly assessed, the premium charged would not be appropriate. A
lower premium affects the solvency of the fund. The cost of the additional risk, not recovered
from the proposer would have to be borne by the rest of the policy holders. That is not fair to
them. A decision to charge a premium higher than necessary would not be fair to the
proposer, because of the principle of utmost good faith. ‘Underwriting’ has implications of
fairness to the insurer and to policyholders, individually and collectively. The need and
importance of underwriting has been discussed under following heads:

(a) Classification of Risks

Under the process, the proposals are analyzed and the risks are classified. On the basis
of this analysis, risks are categorized as standard risks and sub - standard risks. Sub-standard
risks are rejected.

(b) Determination of Premium

Under the process, the nature or risks can be identified. On basis of the gravity of
risks, premium rates are fixed, either at increasing rate or decreasing.

(c) Selection of Profitable Business

Underwriting is a method to check whether the company accepts profitable business
or not. The insurer accepts only those proposals which are beneficial to him.

(d) Stability against Competition

By determining premium in the light of risks involved, a larger number of insurance
proposals can be accepted, by fixing competitive premiums.
(e) Balancing the Risks
It is also one of the objectives of underwriting to bring uniformity in risks. Risks may
differ in view of physical and moral hazards. These difference can be removed and bring
uniformity of risks.

(f) Removal of Doubts

The acceptance of rejection of proposals is made on the basis of scientific analysis. As
such, no doubts may remain in the mind of insurer about his decision.

(g) Decision to Accept or Reject the Proposal/Risk

Underwriting is helpful in taking a wise decision to accept or reject a proposal/risk.

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Underwriting Process

The underwriting is a process by which a decision is taken either to accept or reject an

insurance proposal. Therefore, this process involves various steps before and after the
selection of risks. Various authorities on the subject have laid down various steps in the
underwriting process. A good underwriting process comes across various techniques of
decision making such as:

(a) Collection of Information

The following types of information are collected at the beginning:

(i) Name, address and residence of proposed insured.

(ii) Physical and moral hazards that affect the prospective risks.
(iii) Previous experience of proposers’ losses.
(iv) Economic conditions of the proposer.
(v) Life styles and habits of the proposer.

(vi) Physical and environmental conditions of proposer.

(vii) The character of the proposer and his business, etc.

Such kinds of information can be obtained from the agents, reports of inspectors,

proposal forms, staff underwriters, banks, neighbors, employers, etc.

(b) Classification of Information

The next step is to classify the collected information qualitatively and quantitatively.

The reliability of the collected information is also to be considered.

(c) Analysis of Information

When the collected information is classified, the next step should be to analyze the
information with the help of statistical methods. In order to analyze the individual based
information, the underwriter should use his own rationality and experience, so that accurate
analysis would be possible.

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(d) Developing Alternatives

In case the report of the analysis reveals that a proposal is unsuitable for acceptance,
the underwriter should consider the following alternatives:

i. At what levels the proposal can be accepted?

ii. Is it proper to change the conditions of policy and accept the

proposal?

iii. Is it beneficial to change the premium rate and accept the proposal?

iv. Is it possible to get re-insurance in case the proposal is accepted?

(e) Selection of Best Alternative

After developing different alternatives, the underwriter selects the best alternative.
While selecting the best alternative, attention should be paid on uniformity and
comprehensiveness of risks, danger factors, physical hazards etc.

(f) Execution or Implementation of Decision

When it is decided to accept the proposal, the proposal is sent for the final
approval by the person authorized for it. In case the proposal is accepted, the intimation is
sent to the proposer, otherwise a letter of regret is sent.

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Doctrine of Utmost Good Faith

Insurance contracts are a special class of contracts, one of the distinctive features of
which is that they are based on the rocky foundation of utmost good faith. Such good faith is

not a matter of art, but has to be really and sincerely appreciated by the insured.30 Therefore,

a higher duty is expected from the parties to an insurance contract in order to ensure the
disclosure of all material facts so that the contract may accurately reflect the actual risk being
undertaken.

(a) Evolution

The doctrine of uberima fides owes its origin to British Maritime Insurance Law. The
principles underlying this rule were stated for the first time by lord Mansfield in Carter v.
Boehm (1766) 97ER 1162, 1164 “Insurance is a contract of speculation, the special facts upon
which the contingentchance is to be computed lie most commonly in the knowledge of the
insured only; the underwriter trust his representations and proceed upon confidence that he
does not keep back any circumstance in his knowledge, to mislead the underwriter into a
belief that the circumstances does not exist. Good faith forbids either party from concealing
what he privately knows, to draw other into a bargain from his ignorance of that fact, and his
believing the contrary”. This principle was confirmed by Lord Blackburn in Brownlie v.
Campbell (1880) 5 App Cas 925 over a hundred years later. Soon after Lord Blackburn’s
statements, the commonlaw of marine insurance was codified in the Marine Insurance Act,
1906.

(b) Meaning

Uberima fides is a Latin phrase which means utmost good faith. It is a legal doctrine
which governs insurance contracts. This legal doctrine lays down a minimum standard that
requires both the buyer and seller in a transaction to act honestly towards each other not to
mislead or withheld critical information from one another. In insurance market the doctrine
of utmost good faith requires that each party to a proposed insurance contract must disclose
to the other all information which would influence his decision to enter into the contract,
whether such information is requested or not. For example, if you are taking a life insurance
policy, you are required to disclose any previous health problem you may have had likewise,

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the insurance agent selling you the coverage must disclose the critical information you need
to know about you contract and its terms.

(c) Life Insurance Contract and the Doctrine

In a life insurance contract the nature of subject matter of insurance is an intangible

one and the circumstances surrounding the subject matter are known by one of the parties,
namely, the proposer. Only the proposer knows or should know, all the relevant facts about
the risk being proposed for insurance. This natural imbalance between the insurer and the
insured in terms of knowledge can be fatal. To redress this possible fatal imbalance, a duty of
utmost good faith is imposed on the insured, under which, he is obliged to disclose to the
insurer, before contract is made, all matters that are material to the decision the insurer takes,
whether to offer to insured any insurance at all and, if so, on what terms. A brief summary of
the doctrine of utmost good faith was given in the case of Rozanes v. Bowes as follows:-

“As the underwriter knows nothing and the man who comes to him to ask him to insure
knows everything, it is the duty of the assured...... to make a full disclosure to the underwriter
without being asked of all material circumstances.

Thus, a contract of life insurance survives essentially on principle of utmost good faith.

(d) Full Disclosure

The general principles of full disclosure as enunciated by Lord Mansfied in Carter v.

Boehm are equally applicable to all clauses of insurance. In this respect there is no
differencebetween life and other classes of insurance. However, in life insurance contract, the
law imposes a greater duty of disclosure. The reason for the necessity of full disclosure is that
one of the parties is presumed to know or has means of knowledge which is not accessible to
the other and so such a person is bound to disclose all the facts which may be supposed to
affect such other person's judgment.

(e) Duty of Good Faith is on Both Parties

The duty to make full and complete disclosure rests on both the parties i.e. the insurer
as well as the insured. In Lakshmi Insurance Company v. Bibi Padmavati, it was held that the
contracting parties are placed under a special duty towards each other, not merely to refrain

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from active misrepresentation but also to make full disclosure of all material facts within their
knowledge.

(f) Extent of Duty

In a life insurance contract if the proposer has answered all the questions of proposal
form fully and correctly to the best of his knowledge and belief he has done his duty unless
he has knowledge of some other facts which are material to the contract. In defense of a non-
disclosure the proposer cannot say that he had omitted to disclose it by carelessness or
mistake or that he did not regard the matter as material. The facts on which no questions are
asked are assumed to be considered immaterial or waived off by the insurer. However, in the
case of Asima Sarkar v.Western India Life Insurance Co. Ltd. the Calcutta appellate Court
held that the fact that the previous declined card (with information that earlier on insurer had
considered this person as uninsurable) was available with the insurer, would not by itself
suffice to draw the inference of waiver of this information. 'Waiver' would operate if the
office had actually taken such facts into consideration.

(g) Time for Disclosure

The insured's duty to make full and complete disclosure continues during the period
of negotiations for the formation of the contract of insurance and up to the moment when a
binding contract is finally concluded and covers any material alteration in the character of
risk which may take place between the proposal and acceptance of risk by payment of first
premium.45 Thus, the duty of disclosure operates till the risk commences. Circumstances
which may have arisen after the risk has commenced do not affect the validity of the contract,
unless the conditions of the contract make relevant stipulations to that effect. For example,
any change in occupation does not affect the contract unless the policy is issued with a
condition that any change in occupation must be notified to the insurer. However, if the terms
of policy are altered, or for any reason the continuance of the contract is subject to approval
by the insurer, there would be a duty to disclose all material facts at that time. Thus, there is
no duty to inform the insurer about changes in the nature of risk taking place after the risk has
commenced.

(h) Material Fact

A material fact is one which would affect the judgment of a prudent insurer in fixing
the premium or in considering whether and upon what terms the insurer would accept . It

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means that the duty of disclosure extends not only to facts which the insured knows, but also
to those which he, as a reasonable person, ought to have known and which are in fact material
whether he thinks them to be so or not. Joel v. Law Union and Crown Insurance Company, (1908) 2 KB
863CA. According to Evamy, the duty of disclosure is confined to such facts which he ought
in the ordinary course of business to have known and he cannot escape the consequences of
not disclosing them on the ground that he did not know them.

In Banarsi Devi v. New India Assurance Co. AIR 1959 Patna 540 it was laid down that
material fact has a direct bearing on the degree of risk in relation to the subject matter of
insurance. For example, in life insurance contracts, material facts are age, income, type of
occupation, habits, health, family history, earlier policies and loss, if any, suffered in past. As
the material facts are determined not on the basis of opinion, the proposer should disclose not
only those matters which the proposer may feel are material but all the facts which are
material. The burden of proving that a fact not disclosed or misrepresented is material, lies
upon the insurer. Stebbing v. Liverpool & London and Globe Insurance Co. L.t.d, (1917) 2 KB 433. When
the insured proves his policy and proves his loss, that puts the insurance company on their
defense and if they fail to make out their defense their case would fail. If they fail to prove
that there was a misrepresentation or concealment of material facts, they would be liable.
Thus, every circumstance that would have a bearing on the judgment of a prudent insurer in
fixing the premium or determining the acceptability of the proposal for insurance is a material
fact.

(i) Facts which must be Disclosed

Facts which must be disclosed are circumstances which would influence the insurer in
accepting or declining a risk or in fixing the premium or terms and conditions of the contract.

In Economides v. Commercial Union Assurance Co (1997) 3 AII ER 636.

It was held that the duty of the assured to disclose all material facts is limited only to facts
known to him. There is no obligation on the assured to give details as to the factual basis of
his belief. The fact must be material at the date at which it should be communicated to the
insurer. A fact which was immaterial when the contract was made, but becomes material later
on, need not be disclosed. There is one exception to the rule and it occurs when there is a

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policy condition requiring continuous disclosure, otherwise, the facts which must be
disclosed are:-

i. Facts, which show that the particular risk represents a greater exposure than, would be
expected from its nature or class;
ii. External factors which make the risk greater then would normally be expected;
iii. Previous losses and claims under other policies;
iv. Any special term imposed on previous proposals by other insurers;
v. The existence of other non-indemnity policies such as life and accident; and
vi. Full facts relating to the description of the subject matter of insurance.
(j) Facts need not be Disclosed by the Insured

The following facts, however, are not required to be disclosed by the insured:-

i. Facts which tend to lessen the risk;

ii. Facts of public knowledge;
iii. Facts which could be inferred from information, disclosed;
iv. Facts waived by the Insurer;
v. Facts governed by conditions of the policy;
vi. Facts of law;
vii. Facts which are superfluous to disclose by reason of a condition or warranty.

In Bhagwani Bai v. LIC of India, AIR 1984 M.P.126 (130). it was held that insurer cannot avoid or
repudiate an insurance policy on the ground of non-disclosure of lapsed policies by the
assured which had no bearing on the risk taken by the insurer.

(k) Legal Consequences

It is worth-mentioning here that in absence of utmost good faith the contract would be

voidable at the option of the person who suffered loss due to non-disclosure or

misrepresentation. The inadvertent concealment will be treated as fraud and the contract will

be void ab-initio. But misrepresentation or even silence amounting to fraud will not entitle a

party to avoid the contract if he had the means of discovering the truth with ordinary

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iligence and did not do so. However, as and when the voidable contract has been validated by

the party not at fault, the contract cannot be avoided by his later on.

The burden of proof to show non-disclosure or misrepresentation is on the insurance

company and the onus is a heavy one. The duty of good faith is of a continuing nature as such

no material alteration can be made to the terms of the contract without the mutual consent of

parties.

(l) Principle of Moral Hazard

Good faith and malicious intention cannot go hand in hand. A life insurance contract

being a contract of good faith cannot accommodate a term which might inherently

incorporate moral hazards and a self-inflicting harm to one by obliging the insurance

company to pay the dependents. For example, the holder of a life insurance policy may kill

himself. Moral hazard is a situation where an insured deliberately brings about the loss

insured against. Moral and Morale hazards are controversial issues of uberima fides in a life

insurance contract. In life insurance, suicide or any wrongful act by the assured leading to his

death should ordinarily vitiate the liability of the insurance from the liability under insurance

contract. But keeping in mind the psychological stress the person undergoes to commit

suicide, will it be alright to absolve, the insurance company from liability to pay the agreed

amount, by far fetching and far stretching interpretation of the principle of moral hazard in
life?

The principle of Uberimma Fides is an integral part of insurance law. It gives a fair
chance of risk assessment to the insurer and also ensures that the ensured fully understands all
the terms and conditions of the contract. Developments in law and technological
advancement have further made it possible for both the parties to see to it that their interest is
taken care of. But still, there are several grey areas to this doctrine as well. All these issues
need to be taken care of and an effective solution must be provided considering that the
principle of utmost good faith is one of the most fundamental principles associated with
Insurance Law.

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Conclusion

The purpose of taking a life insurance policy is predominantly to provide for

protection against financial problems that may be faced in case the life assured dies too young
or lives too long. Every insurance company has two gateways- the underwriting Gateway
where the insurer under certain terms selects a proposal for life insurance, and the claims
Gateway, through which the policy benefits are passed on to the life assured/ policyholder or
a beneficiary in the event of death or survival of the term. Needless to add, claims
performance is the litmus test of life insurer’s credibility. If he repudiates or delays payment
of a claim, a customer is going to be very unhappy and many more customers and prospects
would have cause to doubt the promise made by the insurer. At the same time, if claims are
paid blindly, overlooking fraudulent claims that can arise, it can seriously erode the financial
soundness of the insurer and put its other customer’s interest in jeopardy. Insurance
companies have standard proposal forms, which are to be filled giving the details of insurance
required and presented to insurance companies. Depending upon the answers given in
proposal form insurance companies assess the risk and quote the premium. On payment of
premium and acceptance thereof by insurance company the insurance is affected.

However, unless premium is paid there is no insurance cover. In case of unexpected event the
insurance company gives the claim.

Details of the contingencies under which benefits are payable, are specified in the
policy. When these contingencies occur, the benefits have to be claimed by the policy holder
or the beneficiaries, as determined under various provisions of the policy and law. Claims
may arise because of survival up to the end of the policy term, which is the date of maturity
(Maturity Claims), survival up to a specified period during the term (Survival Benefits), death
of the life assured during the term (Death Claims).

While settling the claim insurer desires certain documents like proof of death, cause of
death, proof of title, the certificate of disability and any other document to pay the sum
assured along with bonus after deducting the unpaid premium if any to the legal heirs. The
Insurer will also verify that there is no attachment of policies from the Court or Income Tax
Department.126 Most claims are settled by issuing a cheque within 7 days from the time they
receive the documents. However, if the insurer is unable to deal with the claim or any part
thereof he notifies the same to the insured in writing. However, settlement of claim does not
always mean paying all the claims promptly but rather to pay the genuine claims and reject

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the in genuine ones. The life insurance industry is suffering from inefficiencies in the claim
management process and life insurers across the globe are looking to reduce cost and improve
customer retention.

Here, technological advancement, sensitization of staff and other measures directed at

running efficient and effective claims administration would go a long way in addressing the
problems faced by the industry.

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References

 http:// www.investopedia.com/terms/d/doctrine-of-utmost-good-faith/asp.

 www.ericjeanvinney.blogspot.com/2010/04/doctrine-of-utmost-good-faith.html.

 H. Narayan, “Indian Insurance: A Profile”, (2008), , Jaico Publishing House, Mumbai.

 M.J. Mathew, “Insurance: Principles and Practice”, (2013) Seventh Edition, , RBSA
Publishers, Jaipur

 B.S. Bodla and M.C. Garg, “Insurance: Fundamentals, Environment and Procedure”,
(2004), Deep & Deep Publications, New Delhi.
 J.K. Choudhary, “Career in Insurance”, (2011), p.7, Holiday Book Store, Panchkula.
 M.J. Mathew, “Risk Management and Insurance”, (2010), p.113, RSBA Publishers,
Jaipur.
 Kshitiz Patukale, “Insurance for Everyone”, (2009), , Macmillan India Ltd., New Delhi

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