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Life insurance contract is not a contract of indemnity. Life insurance may be defined as a contract in which the insurer, in consideration of a certain premium, either in lump sum or by other periodical payments, agrees to pay to the assured, or to the person for whose benefit the policy is taken, the assured sum of money, on the happening of a specified event contingent on the human life or at the expiry of certain period.

Tips: -

(Imp)