Insurance policies use aleatory contracts whereby the insurer doesn't have to pay the insured until an event, such as a fire resulting in property loss. Understanding an Aleatory Contract The elements of an insurance contract are the standard conditions that must be satisfied or agreed upon by both parties of the contract (the insured and the insurance company). In terms of insurance, these are the fundamental conditions of the insurance contract that bind both parties, validate the policy, and make it enforceable by law. 7. Which of the following best describes the aleatory nature of an insurance contract-Exchange of unequal values 8.Which of the following best describes an insurance company that has been formed under the laws of this state-Domestic 9. Which of the following is a characteristic of a Reciprocal Insurance Exchange- The chief administrator of the insurer is called an “attorney-in-fact” 10. Which of the following best describes the concept that the consideration is not equal in contract law? A) Adhesion. B) Aleatory. C) Subrogation. D) Warranty. Start studying InsuranceWhich of the following best describes the aleatory nature of an insurance contract?. Learn vocabulary, terms, and more with flashcards, games, and other study tools. This is an example of the insurance characteristic known as aleatory. An aleatory insurance contract is one in which a person may get more than they have given up upon the terms of the contract. Q. An agent delivers a policy to an applicant, who pays the initial premium but refuses to submit a statement of good health. Which of the following terms best describes what the applicant has violated? Aleatory (偶然性)¶ Insurance contracts are aleatory. This means there is an element of chance and potential for unequal exchange of value or consideration for both parties. An aleatory contract is conditioned upon the occurrence of an event. Consequently, the benefits provided by an insurance policy may or may not exceed the premiums paid. Which of the following best describes the aleatory nature of an insurance contract? A) Only one of the parties being legally bound by the contract B) Ambiguities are interpreted in favor of the insured C) Policies are submitted to the insurer on a take-it-or-leave-it basis D) Exchange of unequal values Which of the following best describes the aleatory nature of an insurance contract? A. Ambiguities are interpreted in favor of the insured B. Policies are submitted to the insurer on a take-it-or-leave-it basis C. Exchange of unequal values D. Only one of the parties being legally bound by the contract 5
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