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In the context of the Indian Contract Act, 1872, the contract of life insurance is:

Life insurance is not "A contract of indemnity" under section 124 of the Indian Contract Act, because it pays a fixed sum on death or maturity rather than making good a…

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In the context of the Indian Contract Act, 1872, the contract of life insurance is:

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Correct answer D

Life insurance is not "A contract of indemnity" under section 124 of the Indian Contract Act, because it pays a fixed sum on death or maturity rather than making good a measured loss. It is not a guarantee under section 126 (answering for a third person's default) or an agency under section 182. So "None of the given options is correct"; it is usually treated as a contingent contract.

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