Table of Contents
- 1 Which type of insurance is not contract of indemnity?
- 2 Which insurance is a contract of indemnity?
- 3 Is Marine insurance A contract of indemnity?
- 4 Which of the following is not a function of insurance?
- 5 What are the essential of valid contract?
- 6 What is not a type of general insurance?
- 7 Is indindemnity a contingent contract?
- 8 What is Indemnity under Indian law?
Which type of insurance is not contract of indemnity?
Life insurance does not relate to a contract of indemnity because the insurer does not promise to indemnify the insured for any loss on maturity or death of the insured but agrees to pay a sum assured in that case.
Which type of insurance is not a contract of indemnity Class 11?
Life insurance is not a contract of indemnity .
Which insurance is a contract of indemnity?
Contracts of indemnity include things like marine insurance, fire insurance, and so on. There can be express and implied indemnity contracts. Implied indemnity contract is out of the purview of the definition of indemnity given under Section 124.
Which type of insurance is not a contract of indemnity Mcq?
Contract of Life Insurance: Life insurance is not a contract of indemnity because it is the other type of insurance contract, a “valued contract”.
Is Marine insurance A contract of indemnity?
3)Contract of Indemnity: Marine insurance is contract of indemnity and the insurance company is liable only to the extent of actual loss suffered.
Which of the following is not an essential of a valid contract?
Answer: Illegal consideration is not an essential elements of a valid contract. Offer – It is the first aspect of a legal contract. There must be a bid, a commitment, or an agreement in contract and there will be no contract if there is no offer.
Which of the following is not a function of insurance?
Answer Expert Verified Lending funds is not a function of insurance. Among the given options option (c) lending funds is the correct answer. Explanation: The main functions of insurance are : Protection, Risk sharing , Asset in capital formation, Providing certainty.
What is a contract of marine insurance?
A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.
What are the essential of valid contract?
A contract has six important elements so that it will be valid which is offer, acceptance, consideration, intention to create legal relation, certainty and capacity.
Which of the following is not competent to contract?
CAPACITY OF THE PARTIES Thus the following persons are considered as incompetent to contract: Minors. Persons of unsound mind. Persons disqualified by law.
What is not a type of general insurance?
There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. As an individual, you will be covered under the Life insurance policy. The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy.
What is a contract of indemnity in insurance?
What Does Contract of Indemnity Mean? A contract of indemnity is a legal agreement between two parties in which one party agrees to pay another party for a loss or damage that meets certain criteria and conditions, barring certain specified circumstances. An insurance contract is one type of contract of indemnity.
Is indindemnity a contingent contract?
Indemnity is a type of contingent contract. It also depends on happening of events. The contract of insurance is also a contract that is contingent to the happening of an event. Insurance is a contingent contract but is not a wager. There is a huge difference between the contract of wager and a contingent contract.
What are the different types of indemnity clauses?
There are three types of indemnity clauses. First, you have a broad form indemnity. This type of clause makes the Indemnitor responsible for his or her own negligence, as well as any negligence from a third-party. This could make them liable for the indemnitee’s negligence.
What is Indemnity under Indian law?
Indemnity in English law means a promise to protect the other party harmless from the repercussions of an act. Thus, the English law is wide enough to include any type of actions such as fire or flood, but the Indian act allows protection against only human made losses.