The Contract of Life Insurance is- 1. contract of indemnity 2. contract of guarantee 3. contract of…
A contract of life insurance is a contingent contract to pay a fixed sum on the happening of an uncertain event, not a contract of indemnity, which compensates actual loss,…
Choose your answer
The Contract of Life Insurance is-
1. contract of indemnity
2. contract of guarantee
3. contract of agency
Answer and explanation
Correct answer D
A contract of life insurance is a contingent contract to pay a fixed sum on the happening of an uncertain event, not a contract of indemnity, which compensates actual loss, nor a contract of guarantee or agency, so none of the given options describes it correctly.
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