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For the purposes of the Indian Contract Act, 1872, a contract of insurance, the performance of which…

Section 31 of the Indian Contract Act defines a contingent contract as a contract to do or not to do something if some event, collateral to the contract, does or does not…

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For the purposes of the Indian Contract Act, 1872, a contract of insurance, the performance of which depends upon a future event, falls under the category of:

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Section 31 of the Indian Contract Act defines a contingent contract as a contract to do or not to do something if some event, collateral to the contract, does or does not happen. An insurance contract whose performance depends on the future insured event is therefore a "Contingent contract". Some insurance contracts are also contracts of indemnity, but the classification that turns on dependence on a future event is contingency; it is neither a guarantee nor a quasi contract.

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