A contract provision permitting the insurer to defer granting a loan on the sole security of the policy for any other purpose than that of paying premiums on the policy for a stated interval of time.
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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.