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?

Q: Answer-What is called when insurance contract comes into existence when one party makes an offer or proposa...

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

A Nature of contract

B Utmost Good Faith

C Principle of Contribution

D Double Insurance

E None of these

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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?

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