Multiple Choice
How does an insurance contract differ from an ordinary business contract?
A) There is uncertainty that could result in either a gain or a loss.
B) Both parties believe that the contractual price and the value of the contractual goods are equivalent.
C) The insured will receive a sum of money on the occurrence of an event which must occur at some time,although the time of the occurrence is uncertain.
D) One party knows that they are paying a price far less than the value provided by the other party and that the other party will only have to perform if certain conditions are met.
Correct Answer:
Verified
Correct Answer:
Verified
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