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Personal Lines Insurance Exam Questions with Correct Answers Pass the Exam, 100% Verified (2026 / 2027) Graded A+

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Personal Lines Insurance Exam Questions with Correct Answers Pass the Exam, 100% Verified (2026 / 2027) Graded A+

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Personal Lines Insurance Exam Questions with Correct
Answers Pass the Exam, 100% Verified ()
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Practice questions for this set


Learn 1 /7 Study with Learn




A contract that pays a stated amount in the event of a loss. Most policies are NOT valued
contracts.



Choose an answer



1 Aleatory Contract 2 Unilateral Contract



3 Endorsement 4 Valued Contract



Don't know?




Terms in this set (35)



Aleatory Contract The exchange of value is unequal. Insured's premium payment if less than the
potential benefit to be received in the event of a loss. The insurer's payment in
the event of a loss may be much greater, or much less, than the insured's
premium payment.


Valued Contract A contract that pays a stated amount in the event of a loss. Most policies are
NOT valued contracts.

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