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Is insurance a bilateral or unilateral contract?

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Is insurance a bilateral or unilateral contract?

Question is taken from Insurance subject

This question was addressed to me in unit test.

Other related questions to my question are:-

Is an insurance policy a bilateral contract?

Are insurance policies unilateral contracts?

Why is insurance a unilateral contract?

Is life insurance a unilateral contract?

1 Answer

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Correct answer for this question is: Insurance. Insurance policies have unilateral contract characteristics. In the case of an insurance contract, the insurer promises to pay if certain acts occur under the terms of a contract's coverage.

The title of my answer can be Unilateral Contract Definition

 You can read more about by answer on Investopedia

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