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. The most common type of aleatory contract is an insurance policy in which an insured pays a premium in exchange for an insurance company's promise to pay damages up to the face amount of the policy in the event that one's house is destroyed by fire. The most common type of aleatory contract is an insurance policy, in which an insurance company must make payment only after a fortuitous event, such as a fire, occurs. Aleatory contract. An aleatory contract is a contract in which the performance of one or both parties is contingent upon the occurrence of a particular event. The most common type of aleatory contract are insurance policies. An aleatory insurance (essentially an aleatory contract) is a very useful instrument to hedge against the risk of financial loss due to something happening in the future. If you purchased an automobile and wanted to reduce the risk of financial loss due to theft, you will then need an aleatory insurance agreement where you insure yourself against the possibility of car theft. Definition - What does Aleatory Contract mean? 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 A) Insurance contracts are considered aleatory B) The insured and the insurer have the potential for unequal contributions C) The insured and the insurer contribute equally to the contract 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. In insurance, an aleatory contract refers to an insurance arrangement in which the payouts to the insured are unbalanced. 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. The most common type of aleatory contract is an insurance policy, in which an insurance company must make payment only after a fortuitous event, such as a fire, occurs.
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