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. 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. By signing the insurance contract, you have essentially agreed to follow the different elements. Without all of the elements of an insurance contract present, the policy may not be 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 Which of the following best describes the aleatory nature of an insurance contract? Exchange of unequal values A medical insurance plan in which the health care provider is paid a regular fixed amount for providing care to the insured and does not receive additional amounts of compensation dependent upon the procedure performed is called Characteristics of Insurance Contracts. Though all contracts share fundamental concepts and basic elements, insurance contracts typically possess a number of characteristics not widely found in other types of contractual agreements. The most common of these features are listed here: Aleatory. If one party to a contract might receive considerably more in value than he or she gives up under the An aleatory contract is an agreement whereby the parties involved do not have to perform a particular action until a specific, triggering event occurs. Events are those that cannot be controlled by... 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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