The correct answer is: C. In Non-Life contacts there is no assurance.
A life insurance policy is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).
A life insurance contract is a valued contract, which means that the value of the contract is known at the time of purchase. This is in contrast to a non-valued contract, where the value of the contract is not known until the event that triggers the payment of the benefit occurs.
In a non-life contract, there is no assurance that the event that triggers the payment of the benefit will occur. For example, in a car insurance policy, there is no assurance that the insured person will be in a car accident. However, in a life insurance policy, there is a high probability that the insured person will die at some point in the future.
Therefore, the statement “In Non-Life contacts there is no assurance” is incorrect.