Multiple choice

Which of the following statements is correct?

  1. Insurance contract is an indemnity contract.

  2. Insurance contract is a contingent contract.

  3. Insurance contract is a contract of guarantee.

  4. Insurance contract is a wagering contract.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to contract law, insurance contract is contingent contract which depends upon happening or non-happening of the event.

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