Insurance Act, 1938 In insurance law, the concepts of mode of payments, days of grace, forfeiture, and return of premium are critical aspects that govern the relationship between the insurer and the insured. Below, I explain each concept in detail, with examples and references to insurance law principles, particularly focusing on general practices as seen in jurisdictions like India (e.g., under the Insurance Act, 1938) and common law principles . 1. Mode of PaymentsDefinition: The mode of payment refers to the method and frequency by which the insured pays the insurance premium to the insurer to keep the policy active. Premiums are the consideration for the insurance contract, and their timely payment is essential for the policy to remain in force. Methods : Premiums can be paid through various methods, such as: Cash Cheque Bank draft Online payments (credit/debit cards, net banking, UPI, etc.) Direct debit or auto-debit from a bank account Electronic wallets or mobile apps Frequ...