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Question 15
Select the appropriate response
An insurance contract is said to be a(n)
both parties.
adhesion contract
indemnity contract
contract of utmost good faith
contract of principle
because there is a mutual reliance of truthfulness on
7 of 15 Questions Remaining
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Final answer:

Insurance contracts involve mutual promises and obligations, incorporating indemnity principles and risk management measures.


Explanation:

Insurance contracts are characterized by mutual promises and obligations between parties. They are designed to minimize moral hazard and adverse selection by including elements like deductibles and co-payments. The principle of indemnity in insurance aims to restore the insured to their pre-loss financial state, through direct and indirect coverage, while also incorporating clauses like deductibles to manage risk exposure.


Learn more about Insurance contracts here:

https://brainly.com/question/32115749


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