History of insurance dates back to early human society. Granaries were the earliest form of insurance (riskpooling) which over time adapted by merchants to transport their products on ships. And, in 1968, Lloyds was born in a coffee house. Between 1968 and today, the insurance industry has been working on four fundamental principles of insurance and among them the most prominent is ‘utmost good faith’ or ‘Uberrima fides’. Although the insurance business runs on TRUST, but it has been breached by several times, due to which many insurance companies have paid the fraudulent claims, due to lack of evidences.