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A contract of life insurance is in the nature of:

Life insurance is a contingent contract: the contractual payment depends on an insured event, such as death or survival to the specified date. Section 31 defines this…

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A contract of life insurance is in the nature of:

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Life insurance is a contingent contract: the contractual payment depends on an insured event, such as death or survival to the specified date. Section 31 defines this category by reference to a collateral uncertain event. An insurance arrangement supported by insurable interest is not a mere wager; it also arises from agreement, rather than a quasi-contractual obligation or a gratuitous promise.

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