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Today General Knowledge(GK)
An insurance contract has to fulfill the requirements of the
A)
LIC Act, 1956
B)
IRDA Act, 1999
C)
Insurance Act, 1938
D)
Indian Contract Act, 1872

Correct Answer : Option (D) - Indian Contract Act, 1872



An insurance contract has to fulfill the requirements of the Indian Contract Act, 1872. It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law.

Published On : June 1, 2021
Category : Insurance and Finance
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