01.Core Concepts

An insurance contract is: Aleatory: Values exchanged are not equal Unilateral: Only the insurer makes a legally enforceable promise Conditional: Policyowner must comply with all policy provisions to collect for a covered loss Personal: Property insurance policy cannot be validly assigned to another party without the insurer's consent A contract of adhesion: The insured must accept the entire contract with all of its terms and conditions ‹#›