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Contract of Insurance is contract of

Section 124 of the Indian Contract Act, 1872 defines a contract of indemnity as one by which one party promises to save the other from loss, and fire, marine, motor and…

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Contract of Insurance is contract of

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Section 124 of the Indian Contract Act, 1872 defines a contract of indemnity as one by which one party promises to save the other from loss, and fire, marine, motor and other general insurance contracts are of this kind; so insurance is a contract of "Indemnity". A guarantee answers for a third person's default (section 126), a bailment is a delivery of goods for a purpose (section 148), and a quasi-contract is an obligation imposed by law without agreement; life insurance is the main exception, being a contingent contract to pay a fixed sum.

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