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

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

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

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

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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?

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

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

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Q. What is the consideration in an insurance contract?

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

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

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

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

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

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

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

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

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

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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:

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Q. If the policyholder has bought a policy and does not want it, he/ she can return it during the _________ period, and get a refund.

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