a contract of insurance is a contract of indemnity and indemnity only comment

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Solution

Dear Student
A contract of insurance is not at all only a contract of indemnity. Rather it is one of the characteristic of Insurance contract.
All in all a contract of insurance is a contract of -

Utmost good faith

Insurable interest

indemnity

Contribution

Subrogation

Mitigation of loss

Regards

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Which of the following is not applicable in life insurance contract?

(a) Conditional contract

(b) Unilateral contract

(d) None of the above

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