Question

What is the significance of "Section 64 VB" of the

Q: Answer-What is the significance of 'Section 64 VB' of the Insurance Act 1963?

The correct answer is B. It mandates that insurers must receive premiums before assuming any risk. Section 64VB of the Insurance Act 1963 states that no contract of insurance shall be valid unless the premium or the first installment of the premium has been paid.

Insurance Act 1963?

A It allows insurers to offer insurance without receiving premiums upfront.

B It mandates that insurers must receive premiums before assuming any risk.

C It regulates the use of No Claim Bonuses

D It determines the maximum permissible premium rates

E None of the above

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What is the significance of "Section 64 VB" of the

Solution