Page 16 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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Chapter 4 Law of Contract I
Regulation 4 of the IRDA (Protection of Policyholders'
Interests)Regulations,2002 also provides that a proposal for life
insurance be evidenced by a written document.
Contents of proposal form includes name, address, occupation,
age, family history, type of insurance desired, particulars of
existing insurance policies, present state of health and medical
history in insurance contracts the rule of caveats emptor (let the
buyer beware) applies.
In contract of insurance, there is an implied condition that each
party must disclose every material fact known to him. This type
of contract is called uberrima fides.
The proposal form as a rule contains expressed, terms or as they
are called warranties, by which the truth of the answers to the
proposal form is made, the basis of, or condition precedent to
