Few years ago I saw a movie, where a man’s life and property were insured. Unknown to the insurance company, the man insured his life and properties because he was diagnosed of leukemia at it’s worst, which meant he wouldn’t survive the disease. So, he thought it wise to insure his life Incase he died, he didn’t want his family suffering.

While waiting for his death, the insurance company got this information from a source, investigated and it was confirmed true.

The contract was null and the company sued the man for this. He ended up paying with his properties till he definitely died and his family was left to suffer.

Now this is a sad story, but then if this man had obeyed the principle of “Utmost good faith” his story wouldn’t have ended tragic.

According to the dogma of utmost good faith, it’s a principle utilized in contracts, lawfully compelling all parties (insured and insurer) to be transparent and genuine in revealing necessary information to the others without withholding sensitive information from each other.

Utmost good faith originated from a latin phrase “Uberrima Fides”.
This is the name of a legal doctrine which governs insurance contracts. It’s an agreement conceived in the utmost good faith, implying a standard of sincerity greater than usual honesty required in most ordinary commercial contracts.

This principle is important because it requires companies to access claims promptly, not refusing to pay claims without proper cause.
It also enhances fair dealings and transparency between the contract holder and a company. This is what makes business work. Also with good faith companies and individuals can trust each other.

More so, it is also important to the insurer in the sense that they have an accurate picture of the risk that is proposed to them.

Although there are exceptions in cases of non-divulgence and confidentiality or alterations of material facts. The policy can be considered null or void.

Considering Acts 5:1-11, it’s important and necessary that one is honest and sincere in their dealings with their fellow human beings and with God.

Everybody wants to be told the truth, no body likes being Lied to, Remember how the Ananias and Sapphira died because they broke the principle of “Utmost Good Faith”

Any company that is honest with it’s dealings to the public gains trust, people love it when they are respected and honored enough to be told the truth no matter how hard it is.

Allow your customers be part of your growth, let them in on your struggles and how you’re trying to make quality product for them, safer products. It might not be perfect at first but then human beings know a genuine heart when they see one.

This has been the secret of certain successful Companies like Apple, Alibaba, they built trust by being authentic and genuine with their customers.

Remember the Platinum Rule, “Do unto others what they love to be done to them”

And people love to be esteemed (according to Abraham Maslow’s hierarchy)

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