Page 14 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

Fraud (Section 17): A person commits fraud when he induces

another to act on a false belief caused by a representation and not

believed by him to be true or by concealment of a fact by the

person having knowledge or belief of the fact

Consideration is something which moves from one party to the

other in return for what the other party gives.

Consideration or object of a contract should be lawful

As per Supreme Court Public policy or policy of law is an illusive

concept, and it has been described as an Unworthy guide, variable

quality, uncertain one, unruly horse, etc

Life insurance contract can be defined as " A contract of life

assurance is that in which one party agrees to pay a given sum on

the happening of a particular event, contingent upon the duration

of human life, in consideration of the immediate payment of a

smaller sum or certain equivalent periodical payments by another"