New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What is NOT an element of an insurance contract?

    A Offer and acceptance Correct Answer Incorrect Answer
    B Guarantee Correct Answer Incorrect Answer
    C Consideration Correct Answer Incorrect Answer
    D Legality Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Explanation: The essential elements of an insurance contract are: ·         Offer and acceptance ·         Consideration (premium) ·         Legal purpose ·         Insurable interest ·         Utmost good faith

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