Unilateral contract

{
  "id": "MLC-T-INS-003431",
  "term": "Unilateral contract",
  "field": "Insurance and risk management",
  "definition": "A contract in which only one party makes an enforceable promise, contingent upon the performance of an act by the other party. In insurance, the insurer promises to pay a claim if a covered event occurs, but the policyholder is not legally obligated to pay premiums. The policyholder's payment of the premium constitutes acceptance of the insurer's offer.",
  "url": "https://mlchart.com/terminology/insurance/unilateral-contract/"
}