An insurance contract has to fulfill the requirements of the

A. Insurance Act, 1938

B. IRDA Act, 1999

C. LIC Act, 1956

D. Indian Contract Act, 1872

Answer: Option D

Solution(By Examveda Team)

An insurance contract has to fulfill the requirements of the Indian Contract Act, 1872. It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law.