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What type of contract is an insurance contract?

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What type of contract is an insurance contract?

Question is taken from Insurance topic

I have been asked this question in a national level competition.

Other related questions to my question are:-

What type of contract is insurance contract?

What is the insurance contract called?

Is insurance a bilateral or unilateral contract?

Is an insurance contract a personal contract?

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Right answer is: Insurance contracts are aleatory contracts because the amount exchanged by the parties is unequal and depend upon future uncertain events. Insurance agreements are also considered unilateral contracts because only the insurance company is making a legally enforceable promise.

The title of my answer can be Insurance Agreements: Definition & How To Understand (2022)

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