Aleatory contract

Term · Insurance and risk management · MLC-T-INS-000382

A type of contract where the performance of one or both parties is contingent upon the occurrence of an uncertain event. In insurance, this means the insurer's obligation to pay a claim depends on whether a covered loss occurs, and the amount paid may be disproportionate to the premium received. The element of chance is central to its nature.

Table 1. Record
Identifier	MLC-T-INS-000382
Field	Insurance and risk management

Record as JSON

{
  "id": "MLC-T-INS-000382",
  "term": "Aleatory contract",
  "field": "Insurance and risk management",
  "definition": "A type of contract where the performance of one or both parties is contingent upon the occurrence of an uncertain event. In insurance, this means the insurer's obligation to pay a claim depends on whether a covered loss occurs, and the amount paid may be disproportionate to the premium received. The element of chance is central to its nature.",
  "url": "https://mlchart.com/terminology/insurance/aleatory-contract/"
}

Record 113 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.