The Duty of Good Faith Is Owed by Both the Insured

question 22

True/False

The duty of good faith is owed by both the insured and the insurer,and applies to the making of the contract as well as its performance.

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Definitions:

Payroll Taxes Payable

Taxes owed to the government by an employer, based on employee wages, that have been incurred but not yet paid.

Financial Affairs

The management and administration of monetary activities, investments, and financial strategies of an individual or organization.

Pledged Assets

Assets that are offered as security or collateral for a loan or obligation.

Priority

The order of importance or urgency, often used in legal and financial contexts to determine the sequence in which obligations are to be met or rights are to be exercised.