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Essentials Of A Contract In General Insurance

Essentials Of A Contract In General Insurance

A policy is a contract – legally enforceable, if properly executed, in a court of law. Like any other contract, to be valid and executable there are some essential features which should be extant.

An insurance policy is like any contract, a legal document and enforceable in a court; the provisions of the Indian Contracts Act, 1872 are applicable to insurance contracts as well.

[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

Therefore the essentials elements of a valid contract of insurance would be offer and acceptance as well as other components.

Insurance Law And Practice - ICSI

About Author Mohamed Abu 'l-Gharaniq

when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries.

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