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

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

View solution

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?

View solution

Q. Which of the following does NOT fall under the categories of "Coercion," "Undue Influence," "Fraud," or "Mistake" in contract law?

View solution

Q. Why do insurers charge/retain premiums at higher rates and refund premiums at higher rates for canceled annual policies?

View solution

Q. What is the consideration in an insurance contract?

View solution

Q. Which of the following is NOT one of the elements of a valid contract?

View solution

Q. What is the primary purpose of an insurance contract?

View solution

Q. In the context of insurance, what does "consensus ad-idem" mean?

View solution

Q. What is the enforceability of a valid contract governed by in India?

View solution

Q. In the context of insurance, what is a "Free-Look Period"?

View solution

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

View solution

Q. In the context of insurance, what is a "Contract of Adhesion"?

View solution

Q. What does "Pro-rata premium" refer to in insurance?

View solution

Q. Which among the following cannot be an element in a valid insurance contract?

View solution

Q. During the Free-look period, if the policyholder, who has bought a policy through an Agent, disagrees to any of its terms and conditions, he/ she can return it and get a refund subject to the following conditions:

View solution