Section 62: Insurance Contract

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1) Insurance Contract shall be in written form.

2) Essential elements of insurance contract shall be insurance proposal, insurance policy and its annexures and all the ratifications issued in relation to such.

3) While entering into an insurance contract, both parties (i.e. insurer and insured) shall disclose to each other, all the factual information related to proposed risk in absolute good faith or belief or trust.

4) The person getting insured must have insurable interest in the object of insurance.

5) Other provisions related to insurance contract shall be as prescribed.

Tagged:
insurance act
nepal law

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