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Question 15
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An insurance contract is said to be a(n)
both parties.
adhesion contract
indemnity contract
contract of utmost good faith
contract of principle
because there is a mutual reliance of truthfulness on
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Verified Answer :

GinnyAnswer

Final answer:

Insurance contracts involve mutual promises and obligations, incorporating indemnity principles and risk management measures.


Explanation:

Insurance contracts are characterized by mutual promises and obligations between parties. They are designed to minimize moral hazard and adverse selection by including elements like deductibles and co-payments. The principle of indemnity in insurance aims to restore the insured to their pre-loss financial state, through direct and indirect coverage, while also incorporating clauses like deductibles to manage risk exposure.


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