Page 17 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

the liability of insurers under the contract.

In a life insurance contract it is the duty of the proposer to

disclose and furnish all material information for proper

assessment of the risk by the insurer.

The proposer, by submitting the proposal provides the insurer

with material and basis for assessment of risk and indicates the

type of assurance desired by him.

After considering the proposal, the insurer may accept the risk

and issue a policy as asked for or on such other terms as the

insurer may think fit.

A person is competent to contract if he is of the age of majority,

sound mind and not disqualified from contracting by any law.

Under children's deferred assurance policies; the contract is

with a parent or a legal guardian, who is competent to contract.