Question by B: What kind of contract is Property Insurance?
Obviously its an insurance contract, but I’m trying to figure out what type of contract it is.
Best answer:
Answer by mbrcatz
It’s a unilateral contract. That means, the insurance company writes it up, and the policy holder has to take it or leave it, as is, and can’t change any of the wording.
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Insurance contracts are unilateral, meaning that only the insurer makes legally enforceable promises in the contract. The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions.