Answered

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



Answer :

GinnyAnswer

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.


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