A contract of insurance is based on utmost good faithA phrase in a legal document calling for the highest standards of integrity on the part of the insured and the insurer. More. An applicantThe person or firm requesting insurance. More for insurance is required to disclose to the company all material facts which are necessary to underwrite a policyLegally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals. More. If the applicantThe person or firm requesting insurance. More does not disclose all these facts, he/she is guilty of non-disclosureA contract of insurance is based on utmost good faith. An applicant for insurance is required to disclose to the company all material facts which are ... More and may risk having coverage voided from inceptionThe date and time on which coverage under an insurance policy takes effect. More.