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This question belongs to Commerce Insurance

Insurance

?

Which of the following is the correct statement?

A) Life insurance contract is a verbal contract through custom and usage B) Life insurance is a legally enforceable contract between the insurer and the insured, as per the Indian Contract Act, 1872 C) Verbal contracts, like life insurance, are enforceable D) Life insurance, like a wagering contract, is a business practice

Answer & Solution

Correct Answer: Option B

As per the Indian Contract Act, 1972, life insurance contract is a legally enforceable contract between the insurer and the insured.

Question posted by Examveda

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