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 Which of the following best describes the aleatory nature of an insurance contract? a) Only one of the parties being legally bound by the contract b) Ambiguities are interpreted in favor of the insured c) Policies are submitted to the insurer on a “take it or leave it” basis d) Exchange of unequal values If one party to a contract might receive considerably more in value than he or she gives up under the terms of the agreement, the contract is said to be aleatory. Insurance contracts are of this type because, depending upon chance or any number of uncertain outcomes, the insured (or his or her beneficiaries) may receive substantially more in claim proceeds than was paid to the insurance company in premium dollars. Which of the following best describes the aleatory nature of an insurance Exchange of unequal values. Describe the aleatory nature of a insurance contract. Survivor Protection. When parents are planning for a child's financial needs if both should the difference between the amount paid into the contract and the benefits received prior 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. The elements of an insurance contract are the standard conditions that must be satisfied or agreed upon by both parties of the contract (the insured and the insurance company). 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. 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. This is an example of the insurance characteristic known as aleatory. An aleatory insurance contract is one in which a person may get more than they have given up upon the terms of the contract. In insurance, an aleatory contract refers to an insurance arrangement in which the payouts to the insured are unbalanced.
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