Question

how does insurance contract differ from general contract ?​

Answer 1

$\color{blue}{ANSWER}$

Since Life Insurance is a long term contract, the premium needs to be paid throughout the term of the policy or upto the minimum premium paying term.

Whereas, in case of General Insurance, the insurable interest must be present both at the time of contract and at the time of loss.

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Answer 2

Answer:

Answer. Explanation: The basic difference is that one party actually pays the premium in cash whereas the other only promises to pay the claim at an uncertain future date, should some specified event happen