A loss under an insurance policy which does not either (1) completely destroy or render worthless the Insured property, or (2) exhaust the insurance applying thereto.
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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.