Definition. Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. Aleatory (偶然性)¶ Insurance contracts are aleatory. This means there is an element of chance and potential for unequal exchange of value or consideration for both parties. An aleatory contract is conditioned upon the occurrence of an event. Consequently, the benefits provided by an insurance policy may or may not exceed the premiums paid. Definition. Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. Conversely, insureds sometimes pay relatively small premiums for a short 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 Because most insurance contracts are aleatory contracts, it is always possible that an insurer may never have to pay policyholders any money whatsoever. For example, if a person buys a health insurance policy and then never visits the doctor or gets injured during the policy period, the insurer may collect premiums and never pay the insured without violating the contract. Definition. Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. Aleatory Contract. An agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. An aleatory insurance (essentially an aleatory contract) is a very useful instrument to hedge against the risk of financial loss due to something happening in the future. If you purchased an automobile and wanted to reduce the risk of financial loss due to theft, you will then need an aleatory insurance agreement where you insure yourself against the possibility of car theft. Aleatory insurance is a contract between you and the insurance company. The contract is valid as long as you pay the premiums on time. You will not get any benefit from the policy; your dependents will participate in the event of your death. An agreement to adhere. As an adjective aleatory is depending on the throw of a die; random, arising by chance. O How Much Homeowner's Insurance Do I Need? Commutative means equal
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The most common type of aleatory contract is an insurance policy. Such an insurance contract may be a boon to one party but create a major loss for the other, as more in benefits may be paid out ...
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