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LOMA 281 Module 1 Lesson 3 with complete solutions
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LOMA 281 Module 1 Lesson 3 with complete solutions
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LOMA 281 Module 1 Lesson 3Insurance policy - correct answer ✔✔A legally enforceable contract between a policyowner who applies
for and owns the policy and the insurer that issues the policy
Unilateral contract - correct answer ✔✔A contract in which only one of the parties makes a legally
enforceable promise when entering into the contract. (life insurance)
Bilateral contract - correct answer ✔✔A contract in which both parties make legally enforceable
promises when they enter into the contract
Commutative contract - correct 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 - correct answer ✔✔A contract under which one party provides something of value to
another party in exchange for a conditional promise. (life insurance)
Bargaining contract - correct answer ✔✔A contract in which both parties, as equals, set the terms and
conditions of the contract
Contract of adhesion - correct answer ✔✔A contract that one party prepares and that the other party
must accept or reject as a whole, generally without any bargaining between the parties to the
agreement (life insurance)
Informal contract - correct answer ✔✔A contract that is enforceable because the parties to the contract
met requirements concerning the substance of the agreement rather than requirements concerning the
form of the agreement (life insurance)
Formal contract - correct answer ✔✔A contract that is enforceable because the parties met certain
formalities concerning the form of the agreement.
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