The correct answer is D. All of the above.
A policy is an evidence of contract between the insurer and the insured. It is a document that outlines the terms and conditions of the insurance policy. The FPR (First Premium receipt) signifies the commencement of the contract. It is a document that is issued by the insurer to the insured after the first premium has been paid. A life insurance policy is subject to Indian Stamp Act. This means that a stamp duty is payable on the policy.
Here is a brief explanation of each option:
- Option A: Policy is an evidence of contract between the insurer and the insured.
A policy is a document that outlines the terms and conditions of the insurance policy. It is a contract between the insurer and the insured. The policy states the obligations of both the insurer and the insured. The insurer is obligated to pay the claim if the insured dies or becomes disabled. The insured is obligated to pay the premium.
- Option B: FPR signifies the commencement of the contract.
The FPR (First Premium receipt) signifies the commencement of the contract. It is a document that is issued by the insurer to the insured after the first premium has been paid. The FPR states the date on which the contract commences.
- Option C: A life insurance policy is subject to Indian Stamp Act.
A life insurance policy is subject to Indian Stamp Act. This means that a stamp duty is payable on the policy. The stamp duty is payable on the face value of the policy. The stamp duty is payable to the government.
I hope this explanation is helpful. Please let me know if you have any other questions.