Q. What distinction does the Law Commission recommend in Section 39?

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Q. According to the Law Commission's recommendations, what option should be given to the policyholder regarding the nominee?

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Q. What proviso does the Law Commission recommend adding to Section 39?

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Q. What is prohibited under Section 41 of the Insurance Act, 1938?

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Q. Under what circumstances is an insurance agent allowed to accept commission on a policy taken out by himself?

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Q. What is the penalty for non-compliance with the provisions of Section 41?

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Q. Under Section 45 of the Insurance Act, 1938, within what time frame can an insurer call into question the accuracy of statements made in a life insurance policy proposal?

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Q. Under what conditions can an insurer challenge the accuracy of statements made in a life insurance proposal according to Section 45?

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Q. What action can an insurer take if it is discovered that the age of the insured was incorrectly stated in the proposal?

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Q. What protection does Section 45 of the Insurance Act provide to policyholders and claimants?

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Q. What must an insurance company prove to avoid liability under a life insurance policy after two years from the policy's inception?

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Q. What is the onus of proof regarding the conditions outlined in Section 45 of the Insurance Act?

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Q. What happens if a life insurance policy lapses due to non-payment of premiums and is subsequently revived?

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Q. How do life insurers treat the revival of a lapsed policy?

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Q. What changes does the Law Commission recommend regarding the repudiation of life insurance policies under Section 45?

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Q. Under the Law Commission's recommendations, in what instances can an insurer repudiate a policy before the expiry of five years?

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Q. Under what circumstances can an insurer repudiate a policy of life insurance before the expiry of five years?

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Q. What happens if a life insurance policy is repudiated due to the insured making a misstatement or suppressing a material fact?

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Q. How is the materiality of a misstatement or suppression of fact determined?

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Q. What happens if the insured can prove that a suppression or misstatement of a material fact was true to the best of their knowledge?

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