IRDA - Life Insurance Agent (Mock - 2)

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Question 1 of 50

Which of the following is the correct statement?

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Life insurance contract is a verbal contract through custom and usage.

Life insurance is a legally enforceable contract between the insurer and the insured, as per the Indian Contract Act, 1872.

Verbal contracts, like life insurance, are enforceable.

Life insurance, like a wagering contract, is a business practice.

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