Question 3022 of 287 · Texas Life, Accident and Health Agent Exam
A life insurance policy is a unilateral contract because
Exactly one answer is correct.
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Correct answer to question 3022
- A: only the insurer makes a legally enforceable promise
Explanation
The owner does not promise to pay premiums in a binding manner, while the insurer is legally bound to pay if the conditions are met. Bilateral contracts bind both parties.
More questions: Life: Application, Underwriting, Delivery and Contract Law
- 3023A life insurance contract is aleatory, which means
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- 3025Coverage under a life insurance policy normally begins
- 3026When delivering a policy, an agent should also
- 3027Warranties differ from representations in that a warranty
- 3028An insurer waives its right to rescind a policy for a known misrepresentation when