Q. Which principle ensures that both parties agree to the same thing in the same sense in an insurance contract?

View solution

Q. When is consent to an agreement considered free in an insurance contract?

View solution

Q. Who must be legally competent to enter into an insurance contract?

View solution

Q. What should be the nature of the object in an insurance contract?

View solution

Q. According to Indian laws, can insurance protection be sold on a credit basis?

View solution

Q. Section 59 of the Insurance Rules allows exceptions to the condition of advance payment of premium for which type of insurances?

View solution

Q. What is the traditional declaration regarding insurance?

View solution

Q. Who is responsible for initiating the solicitation process for insurance?

View solution

Q. What are insurance agents appointed for in the solicitation process?

View solution

Q. What is a grace period in insurance?

View solution

Q. In Life insurance, what is the grace period for paying premiums in case of Monthly mode of Premium collection?

View solution

Q. How long is the grace period for renewing Motor Policies?

View solution

Q. What was the additional grace period allowed for Life insurance policies during the Covid-19 pandemic?

View solution

Q. How long was the grace period allowed for renewing Motor Vehicle Third Party Insurance policies during the Covid-19 pandemic?

View solution

Q. What is a "Free-Look Period" in insurance?

View solution

Q. How long is the Free-Look Period for Life Insurance and Health Insurance policies?

View solution

Q. In what type of insurance policies is the Free-Look Period typically available?

View solution

Q. What does the policyholder need to do if they want to cancel the policy during the Free-Look Period?

View solution

Q. What happens to the premium if a policy is canceled during the Free-Look Period?

View solution

Q. What is the term used for the proportionate calculation of premium when a policy is canceled, and no claims have been paid?

View solution