A common law duty on the part of a proposer for insurance to disclose to the insurer all material facts; that is, all facts that would influence a prudent insurer in deciding whether to grant the insurance and, if so, on what terms.
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UTMOST GOOD FAITH
Insurance contracts are one of a limited class that requires the parties (insurer and insured) to exercise the utmost good faith in their dealings with each other. Specifically, the proposer of an insurance must disclose all material facts which would influence a prudent insurer in deciding whether to accept the insurance, and if so on what terms.