Practice of Life Insurance Exam

Standard age proofs - School or college certificate, Birth certificate extracted from municipal records, Passport, PAN card, Service register, Certificate of baptism, Certified extract from a family bible if it contains the date of birth, Identity card in case of defence personnel, Marriage certificate issued by a Roman Catholic church
Section 45 states: No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
The duty of full disclosure applies equally to both the proposer and the insurer.
What makes an insurance contract a legal contract is that insured must have an insurable interest in the subject matter of insurance.
The Insurance Act 1938 does not define insurable interest. The circumstances under which insurable interest is deemed to exist have been clarified by court judgments. It has been held that a person has unlimited insurable interest in their own life.

Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points