Q. When is an insurance contract considered concluded?

View solution

Q. In what condition are insurance contracts considered valid if payment is made by cheque?

View solution

Q. What problem do insurers face with regards to 'unconcluded' contracts?

View solution

Q. Who can enter into a contract as a proposer for an insurance product?

View solution

Q. What is the minimum age requirement for a proposer to enter into a contract for an insurance product?

View solution

Q. Can a minor person enter into a contract as a proposer for an insurance product?

View solution

Q. Under what conditions can an illiterate person enter into a contract for an insurance product?

View solution

Q. What option is available for a person with a physical deformity preventing them from signing to enter into a contract for an insurance product?

View solution

Q. Who are the parties involved in a life insurance contract?

View solution

Q. What is the relationship between the proposer and the life assured in a life insurance contract?

View solution

Q. What does insurable interest mean in the context of a life insurance contract?

View solution

Q. Who has an insurable interest in their employees?

View solution

Q. What type of income stresses financial dependence and is considered for insurable interest?

View solution

Q. What properties does insurable interest have?

View solution

Q. Who is usually the beneficiary in the case of contracts where the policyholder and life assured are the same?

View solution

Q. What is the role of the nominee in an insurance contract?

View solution

Q. Who usually has a right over the policy monies to the extent of their interest?

View solution

Q. How are insurance products typically sold in the market?

View solution

Q. What is one of the reasons why life insurance products are generally not given priority by individuals?

View solution

Q. What could be another reason for individuals not prioritizing life insurance products?

View solution