State with reference to the provisions of the Indian Contract Act, 1872 whether the following are True or False with justification i) The contract of life insurance is not fully covered under the contract of indemnity

The given statement is True. Justification: As per Section 124 of the Indian Contract Act, 1872, the term "Contract of Indemnity" is defined as "a contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person." In case of a contract of insurance, the loss may happen due to natural calamities, and not due to conduct of the promisor or any person. Thus, a contract of Life Insurance is not contracts of indemnity as per definition given.