What is an example of an aleatory contract?
For example: A fire insurance company promises A that in consideration of A's payment of a premium, it will pay A $20,000 if A's house burns down by a fire caused by lightning. In this aleatory contract, the fire insurance company will not be liable if A's house burned down by a fire caused by an overheated fireplace.
What are the characteristics of an aleatory contract?
Aleatory contracts are agreements where a party doesn't have to perform contractual obligations unless a specified event happens. These contracts also feature unequal consideration—for instance, an insured party will only receive coverage in return for premiums and won't get a payout unless the specified event happens.
What are the 3 elements of an insurance contract?
Because the law of contracts is used to interpret an insurance policy, the basic elements of contract (offer, acceptance, and consideration) must be present for a court to uphold an insurance agreement.
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