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Additionally, another very common type of aleatory contract is an insurance policy. [3] The term was a classification that was developed in later medieval Roman law to cover all contracts whose fulfilment depended on chance, including gambling, insurance, speculative investment and life annuities. [4] Many modern forms of derivatives and ...
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
Term used in contract law to specify terms that are voided or confirmed in effect from the execution of the contract. Cf. ex nunc. Ex turpi causa non oritur actio: ex nunc: from now on Term used in contract law to specify terms that are voided or confirmed in effect only in the future and not prior to the contract, or its adjudication. Cf. ex ...
A contract is a legally binding agreement made between parties involved in a transaction for the exchange of goods or services. The agreement often comes in the form of a written instrument that provides the terms or conditions of the arrangement, each of which correspond to an obligation that one of the parties entering the agreement is obliged to fulfill.
At common law, the defining concept of a contract of commercial insurance is of a transfer of risk freely negotiated between counterparties of similar bargaining power, equally deserving (or not) of the courts' protection. The underwriter has the advantage, by dint of drafting the policy terms, of delineating the precise boundaries of cover.
Andy Cohen is spilling the tea on what it's like working with longtime friend and colleague Anderson Cooper. Before SiriusXM's 10th Annual Radio Andy Holiday Hangout (which he co-hosts with Amy ...
The first woman was elected to lead a country 64 years ago. Here’s a look at where, and when, women have secured national leadership positions since then.
Several people have reportedly been injured, including at least one firefighter, as wildfires rip across Southern California. The firefighter, a 25-year-old woman, “sustained a serious head ...