Q273
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
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
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.