🔳 INSURANCE AND LAW - "Nature of Contract of Insurance" - "Disclosure of All Material Facts Is a Duty"

🔳 INSURANCE AND LAW - "Nature of Contract of Insurance" - "Disclosure of All Material Facts Is a Duty" - "Objective of a Proposal Form Explained": 

"A contract of insurance is one of utmost good faith. A proposer who seeks to obtain a policy of life insurance is duty bound to disclose all material facts bearing upon the issue as to whether the insurer would consider it appropriate to assume the risk which is proposed. It is with this principle in view that the proposal form requires a specific disclosure of pre-existing ailments, so as to enable the insurer to arrive at a considered decision based on the actuarial risk." - 

Branch Manager, Bajaj Allianz Life Insurance Company Ltd v Dalbir Kaur [2020] GCtR 279 (SC)

[Dr. D.Y. Chandrachud, J, Indu Malhotra, J and Indira Banerjee, J] were part of the Bench. 

Vishal

Guwahati

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