Question

As per Section 45 of the Insurance Act 1938, a life insurer can repudiate the policy on the ground that any material facts in the proposal or document are inaccurate or false within ___________ from the date of the issuance of the policy or commencement of risk.

a.

One year

b.

Two years

c.

Three years

d.

Five years

Answer: (b).Two years Explanation:In respect of the repudiation of life insurance policy, the existing Section 45 of the Insurance Act, 1938 provides that within two years from the date of policy, an insurer can repudiate the policy on the ground that any material fact in the proposal or document in inaccurate or false. After the expiry of two years, an insurer can repudiate the policy on fulfilling all three conditions mentioned in the second part of Section 45.

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Q. As per Section 45 of the Insurance Act 1938, a life insurer can repudiate the policy on the ground that any material facts in the proposal or document are inaccurate or false...

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