120. (1) Where a person in whose favour the cetificate of insurance has been issued in accordance with the provisions of this Chapter, proposes to transfer to another person the ownership of the motor vehicle in respect of which such insurance was taken together with the policy of insurance relating thereto, he may apply in the prescribed form to the insurer for the transfer of the certificate of insurance and the policy described in the certificate in favour of the person to whom the motor vehicle is proposed to be transferred, and if within fifteen days of the receipt of such application by the insurer, the insurer has not intimated the insured and such other person his refusal to transfer the certificate and the policy described in the certificate shall be deemed to have been transferred in favour of the person to whom the motor vehicle is transferred with effect from the date of its transfer. (2) The insurer to whom any application has been made under sub-section (1) shall transfer to the other person the certificate of insurance and the policy described in that certificate unless he considers it undesirable having regard to:-(a) the previous conduct of the other person-(i) as a driver of motor vehicle; or(ii) as a holder of the policy of insurance in respect of any motor vehicle; or(b) any conditions which may have been imposed in relation to any such policy held by the applicant; or(c) the rejection of any proposal made by such other person for the issue of a policy of insurance in respect of any motor vehicle owned or possessed by him. (3) Where the insurer has refused to transfer in favour of the person to whom the motor vehicle has been transferred the certificate of insurance and the policy described in that certificate, he shall refund to such transferee the amount, if any, which under the terms of the policy he would have had to refund to the insured for the unexpired term of such policy.