An insurance policy is a bilateral contract and consideration arises from the premiums paid by the insured and the promise of the insurer to pay money to the beneficiary if a certain event happens.

Name: An insurance policy is a bilateral contract and consideration arises from the premiums paid by the insured and the promise of the insurer to pay money to the beneficiary if a certain event happens.
Brand: Quizplus
Rating: 5.0 (51 reviews)

Question

Quizplus · Accepted Answer

This statement accurately describes the nature of an insurance policy's contract and consideration.

An Insurance Policy Is a Bilateral Contract and Consideration Arises