Practice Quiz

Health and Life Insurance

Category - Health and Dental

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Insurance policies are considered to be __________, meaning that they are dependent on an uncertain or chance event or outcome so that one of the parties may receive more in value than they give in value to the other party to the contract.
  1. Aleatory
  2. Unilateral
  3. Commutative
  4. All of the above
Explanation
Answer: A - Insurance policies are considered to be aleatory. This means that they are dependent on an uncertain or chance event or outcome so that one of the parties may receive more in value than they give in value to the other party to the contract. This is primarily due to the element of uncertainty.
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