Insuranceopedia explains Aleatory Contract. Since insurers don't usually have to pay policyholders until they file a claim, most insurance contracts are aleatory contracts. 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 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 period and then 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. In insurance, an aleatory contract refers to an insurance arrangement in which the payouts to the insured are unbalanced. Accordingly, what does aleatory contract mean? 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 by either party, such as natural disasters and death. Aleatory contracts are commonly used in insurance 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. What does Aleatory mean? Read on to discover the definition & meaning of the term Aleatory - to help you better understand the language used in insurance policies. Aleatory. Feature of insurance contracts in that there is an element of chance for both parties and that the dollar given by the policyholder (premiums) and the insurer (benefits 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. Aleatory contract An aleatory contract is a contract in which the performance of one or both parties is contingent upon the occurrence of a particular event. The most common type of aleatory contract are insurance policies.
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