In a unilateral contract, an insurer pays a large claim for medical expenses after the insured has only made one premium payment.
Unilateral contract is the correct term for the situation where an insurer pays a large claim for medical expenses after the insured has only made one premium payment. In a unilateral contract, one party makes a promise without the other party being required to do anything until the promise is fulfilled. The insurer is obligated to pay the claim once the specified event, such as a medical expense, occurs, regardless of the number of premium payments made.
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