Give a brief note on Doctrine of good faith and fair dealing

Doctrine of good faith and fair dealing: Each party to the contract is to avoid impairing the rights of the other. The duty requires insurers to make prompt and full settlement with insured and beneficiaries and to consider the insured's interest in settling claims. The implied-in-law duty of good faith and fair dealing imposes upon a disability insurer a duty not to threaten to withhold or actually withhold payments, maliciously and without probable cause, for the purpose of injuring its insured. The violation of that duty sounds in tort notwithstanding that it also constitutes a breach of contract.