LOMA 281 Module 1
Lesson 3 ACCURATE
100%
Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and
owns the policy and the insurer that issues the policy
Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable
promise when entering into the contract. (life insurance)
Bilateral contract - ANSWER A contract in which both parties make legally enforceable promises when
they enter into the contract
Commutative contract - ANSWER A contract under which the parties specify in advance the values that
they will exchange; moreover, the parties generally exchange items or services that they think are of
relatively equal value
Aleatory contract - ANSWER A contract under which one party provides something of value to another
party in exchange for a conditional promise. (life insurance)
Bargaining contract - ANSWER A contract in which both parties, as equals, set the terms and conditions
of the contract
Lesson 3 ACCURATE
100%
Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and
owns the policy and the insurer that issues the policy
Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable
promise when entering into the contract. (life insurance)
Bilateral contract - ANSWER A contract in which both parties make legally enforceable promises when
they enter into the contract
Commutative contract - ANSWER A contract under which the parties specify in advance the values that
they will exchange; moreover, the parties generally exchange items or services that they think are of
relatively equal value
Aleatory contract - ANSWER A contract under which one party provides something of value to another
party in exchange for a conditional promise. (life insurance)
Bargaining contract - ANSWER A contract in which both parties, as equals, set the terms and conditions
of the contract
