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