Explanation:

Contingent:
The Contract of General Insurance is considered contingent because the insurer's obligation to compensate the insured is contingent upon the occurrence of a specified event, such as an accident, theft, or damage. In other words, the insurer will only pay out a claim if the insured event actually happens. Until that event occurs, the contract remains contingent.

Valid:
A contingent contract can still be considered valid as long as it meets all the legal requirements for a valid contract. This includes elements such as offer and acceptance, consideration, legal capacity of the parties, lawful object, and certainty of terms. If these requirements are met, the contract of general insurance is legally binding and enforceable.

Voidable:
However, certain circumstances may arise that could render the contract voidable. For example, if one party entered into the contract under duress, coercion, misrepresentation, or undue influence, they may have the option to void the contract. In such cases, the contract of general insurance would not be considered valid and enforceable.
Therefore, the Contract of General Insurance is contingent but can still be valid if all legal requirements are met. However, it may become voidable under certain circumstances that affect its validity.