Which of the following is not applicable in life insurance contact?
A
Conditional contract
B
Unilateral contract
C
Indemnity contract
D
None of these
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Solution
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Correct option is C)
The contract of indemnity is defined as, " A contract where one party promises to save the other from the loss caused by the conduct of the promisor himself or by the conduct of any other party." In a life insurance contract, nobody can save the life of the person. Hence, contract of indemnity does not apply here.
