Insurable interest in life insurance indicates that the insured must have an pecuniary interest in the life to be insured for a valid life insurance contract.
Life insurance requires that both the parties should preserve the principle of utmost good faith and both the parties, insured and insurer, must must make full and true disclosure of the facts material to the risk.
Warranties in Life Insurance is the material representations are the basis of insurance contract as has been clear in the utmost good faith under material facts.
In life insurance, the doctrine of Causa Proximo (Proximate Cause) is not applied because the insurer is bound to pay the amount of insurance whatever maybe the reason of death.
An annuity is a periodical level payment made in exchange at the purchase money for the remainder of the lifetime of a person or for a specified period.
When a policy as such is surrendered, normally a surrender value is available, even though it is always less than the total premium paid so far.
The policyholders who take with-profit policies are required to pay a comparatively higher premium, which entitles them to share the profit of the insurers.
Assignment and Nomination in Life Insurance indicates that the policy in life insurance can be assigned freely for a legal consideration or love and affection.