Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy
Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable promise when entering into the contract. ...
LOMA 281 Module 1 Lesson 3
Correct 100%(RATED A+)
Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for
and owns the policy and the insurer that issues the policy
Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable
promise when entering into the contract. (life insurance)
Bilateral contract - ANSWER A contract in which both parties make legally enforceable promises
when they enter into the contract
Bargaining contract - ANSWER A contract in which both parties, as equals, set the terms and
conditions of the contract
Contract of adhesion - 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 - 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 - ANSWER A contract that is enforceable because the parties met certain formalities
concerning the form of the agreement.
Valid contract - ANSWER A contract that is enforceable at law because it satisfies all legal
requirements.
Void - ANSWER Something that was never valid. A void contract is one that was never enforceable at
law.
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