What does Good Faith mean? Read on to discover the definition & meaning of the term Good Faith - to help you better understand the language used in insurance policies.
Good faith means fair and open dealing between parties in a contract. It requires honesty, sincerity, and integrity among the parties engaging in a contract, regardless of the outcomes of an action. In the context of insurance, as each policy represents a contract between the insurer and insured, both parties must act in good faith.
We hope the you have a better understanding of the meaning of Good Faith.