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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.
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.
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
The 2014 World Cup in Brazil has begun. Check HuffPost's World Cup dashboard throughout the tournament for standings, schedules, and detailed summaries of each match.
By Curtis Williams and and Jarrett Renshaw. HOUSTON (Reuters) -U.S. President-elect Donald Trump plans to make it easier for some producers of liquefied natural gas (LNG) to seek export permit ...
Drinking coffee could extend your life up to two years, new research finds. Regular coffee consumption was found to be associated with increased health span (time spent living free from serious ...
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.