Answered

Expand your knowledge base with the help of IDNLearn.com's extensive answer archive. Our platform provides detailed and accurate responses from experts, helping you navigate any topic with confidence.

Completing the Application, Underwriting, and Delivering the Policy

In insurance policies, the insured is not legally bound to any particular action in the insurance contract, but the insurer is legally obligated to pay losses covered by the policy. What contract element does this describe?

A. Conditional
B. Aleatory
C. Unidirectional
D. Unilateral

Sagot :

GinnyAnsweridn

Final answer:

Unilateral contracts in insurance place the obligation on the insurer to pay losses covered by the policy.


Explanation:

Unilateral contracts in insurance describe a situation where only one party is legally obligated to fulfill obligations. In this case, the insurer is bound to pay losses covered by the policy, while the insured is not legally obligated to take any specific action.


Learn more about Insurance contracts here:

https://brainly.com/question/32115749


Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. IDNLearn.com is committed to providing accurate answers. Thanks for stopping by, and see you next time for more solutions.