(1)That type of Life Insurance, which usually only covers one insured under a contract; (2) The term used to distinguish this type of Life Insurance from Group Life Insurance.
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An insurance policy is said to be voidable where circumstances exist that entitle either one of the parties to “avoid the contract”. It is usually the Insurer who finds himself in this position when there has been a breach of ‘utmost good faith’ by the Insured.