Life insurance is a contract of which one of the following?
Life insurance is treated as a contract of guarantee of payment on the insured event. It is not a contract of indemnity because the benefit is the agreed sum rather than…
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Life insurance is a contract of which one of the following?
Answer and explanation
Correct answer B
Life insurance is treated as a contract of guarantee of payment on the insured event. It is not a contract of indemnity because the benefit is the agreed sum rather than reimbursement of a measured financial loss.
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West Bengal SET (WB SET)