ldquo Wagering Agreements cover Insurance Contracts also rdquo This statement is ........

Indian Contract Act (ICA)1872 Valid and Void Contracts

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“Wagering Agreements cover Insurance Contracts also”. This statement is

True

Partly True

False

None of the above

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Explanation:

- Option 1: True

- This option suggests that all insurance contracts are part of wagering agreements, which is not correct. Insurance contracts are risk management tools and require an insurable interest, unlike wagering agreements.

- Option 2: Partly True

- This implies some insurance contracts are wagering agreements. However, an insurable interest distinguishes insurance from wagering, making this partly incorrect.

- Option 3: False

- Insurance contracts are not wagering agreements. Insurance involves risk transfer with an insurable interest, while wagering agreements are speculative and lack insurable interest.

- Option 4: None of the above

- This option implies none fit, but option 3 is correct by distinguishing insurance from wagering.