Question

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

a.

When it is caused by undue influence

b.

When it is caused by fraud

c.

When it is not caused by coercion, fraud, misrepresentation, or mistake

d.

When it is caused by mistake

Answer: (c).When it is not caused by coercion, fraud, misrepresentation, or mistake Explanation:Consent to an agreement in an insurance contract is considered free when it is not caused by coercion, fraud, misrepresentation, or mistake.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

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

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

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

Q. What is the traditional declaration regarding insurance?

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

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

Q. What is a grace period in insurance?

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

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

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

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

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

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

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

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

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

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

Q. How do insurers typically handle premium refunds for annual policies when canceled by the insured?

Q. What is the term used for the rates disclosed as part of the insurance contract that defines how premiums are handled when a policy is canceled by the insured?

Recommended Subjects

Are you eager to expand your knowledge beyond IC38 Life Insurance Agent Exam? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!