Question
What is called when insurance contract comes into
existence when one party makes an offer or proposal of a contract and the other party accepts the proposal?Solution
Insurance contract come into existence when the person seeking insurance make an offer to the insurance company. If the insurance company accepts, this therefore become a contract between them and the insured has to pay some premium as consideration
More Insurance Awareness Questions
- Select the number from among the given options that can replace the question mark (?) in the following series.
17, 18, 22, 31, 47, ___ - A series is given with one term missing. Choose the correct alternatives from the given ones that will complete the series.
57, 59, 56, 61, 54, ___ - Which letter-cluster will replace the question mark (?) in the following series?
RGV, UME, ?, AYW, DEF - Which letter and number cluster will replace the question mark (?) to complete the given series?
LT6, KU12, IW24, FZ48, ____ - Which letter-cluster will replace the question mark (?) in the following series?
NPQR, OORQ, PNSP, ____, RLUN
