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. An aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their obligation to perform. Basically, it is a contract that depends upon a chance occurrence. An aleatory contract is an agreement between an individual and an insurance company. The purpose of the agreement is to ensure that the insurer honors the claim when a specific event occurs. The terms of an agreement state the coverage by the insurer and the claim process by the insured. 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. 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. Conversely, insureds sometimes pay relatively small premiums for a short period and then The Definition. An aleatory contract is a contract between two parties with agreements contingent on a specific event or occurrence. For example, insurance policies are considered aleatory contracts, because the policy does not go to work for the consumer until the event itself comes to pass. A contract whose performance is dependent on the future occurrence of some event and/or in which the amount of money exchanged between the parties may be unequal. For example, an insurance policy is usually an aleatory contract because the insurance company does not have to do anything unless an insured event occurs. Een aleatory contract is een overeenkomst waarbij de betrokken partijen een bepaalde actie niet hoeven uit te voeren totdat er zich een specifieke gebeurtenis voordoet. De aleatorische contracten met triggergebeurtenissen zijn contracten die door geen van de partijen kunnen worden beheerst, zoals natuurrampen of overlijden. An aleatory contract is a type of contract where the parties’ obligation is linked to a future and uncertain event. In other words, the contracting parties promise to execute certain obligations or perform certain things upon the happening of a specific triggering event. Typically, we see aleatory contracts in: 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
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