The important essentials of life insurance contract are as follows:
Insurable Interest. Insurable interest is a legal requirement in all type:of insurance contracts. A person who wants to get his life insured for a specifie
Notice of Proof of loss. In case of the death of the insured person, th*person/persons having insurable interest must give immediate notice of the deatrof the insured to the insurance company.
4 Death due to war or aviation accident. If the insured person dies w war or from a certain aviational accident, which are excluded perils in life insu^ei contract, the insurer will not pay the claim.
5. Principle of Indemnity. The life insurance and most health insurance contracts are not subject to the principle of indemnity.
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