Which of the following best describes a bail-out provision? A. allows the owner to receive a higher interest rate at certain timeframe B. decreases the annuity surrender value C. allows the owner to surrender the annuity without a charge D. waives the surrender charge for the annuitants confined to a LT care facility Aleatory Contract A mutual agreement between two parties in which the performance of the contractual obligations of one or both parties depends upon a fortuitous event. Aleatory insurance is a contract between you and the insurance company. The contract is valid as long as you pay the premiums on time. You will not get any benefit from the policy; your dependents will participate in the event of your death. Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. Aleatory contracts are contracts in which there is no obligation for one party to pay another party until a specific event takes place. Insuranceopedia explains Aleatory Contract Since insurers don't usually have to pay policyholders until they file a claim, most insurance contracts are aleatory contracts. A missing tooth clause or a replacement clause is a contractual provision in a dental insurance contract where the insurance company excludes liability in certain circumstances for the cost of replacing a tooth.. With a missing tooth clause dental insurance, the insurance provider can deny coverage for the cost of the tooth replacement procedure if the tooth was lost, extracted or removed ... An aleatory contract is an agreement whereby the parties involved do not have to perform a particular action until a specific, triggering event occurs. Events are those that cannot be controlled by... A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract D) A contract where only one party makes any kind of enforceable contract A contract, the obligation and performance of which, depend upon an uncertain event, such as insurance, engagements to pay annuities, and the like. A contract is aleatory or hazardous when the performance of that which is one of its objects depends on an uncertain event. According to the Spanish Insurance Contract Act a contract of insurance is the contract by virtue of which the insurer agrees, for a specified consideration (premium) and when an event occurs (the risk of which is the object of the coverage), to indemnify, within the agreed limits, the damage suffered by the insured or to pay a capital sum, a rent or other agreed compensation.
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