Q149
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
AnswerC.
Verbal contracts, like life insurance, are enforceable
D.
Life insurance, like a wagering contract, is a business practice
Answer: Option B
Solution
Answer: Option B
Solution:
As per the Indian Contract Act, 1972, life insurance contract is a legally enforceable contract between the insurer and the insured.