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IRDA - Life Insurance Agent (Mock - 2)

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Multiple Choice

Which of the following is the correct statement?

  1. Life insurance contract is a verbal contract through custom and usage.
  2. Life insurance is a legally enforceable contract between the insurer and the insured, as per the Indian Contract Act, 1872.
  3. Verbal contracts, like life insurance, are enforceable.
  4. Life insurance, like a wagering contract, is a business practice.
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