Definition of "Aleatory contract". Contract that may or may not provide more in benefits than premiums paid. For example, with only one premium payment on a property policy an insured can receive hundreds of thousands of dollars should the protected entity be destroyed. On the other hand, an insurance company can collect more in premiums than it ... An agreement to adhere. As an adjective aleatory is depending on the throw of a die; random, arising by chance. O How Much Homeowner's Insurance Do I Need? Commutative means equal 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. Examples of such contracts include gambling contracts and betting contracts. Definition of Aleatory Contract A wagering contract Browse You might be interested in these references tools: ResourceDescription Aleatory Contract in the Dictionaries, Aleatory Contract in our legal dictionaries, Related topics, Browse topics from the European Encyclopedia of Law, Browse […] 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 by... Aleatory Contracts. Aleatory contracts are agreements that are not triggered until an outside event occurs. Insurance policies would be examples of this, as they are agreements involving fiscal protection in the face of unpredictable events. In such contracts, both sides assume risks: the insured that they are paying for a service they will never receive, and the insurer that they must pay out potentially more than they receive from the insured. What is an aleatory contract? As per the aleatory definition, it is the happening of something at random, not planned. Hence, this contract refers to insurance payouts that are not balanced. The insured has to keep paying the premiums and gets only coverage until the event occurs. Dictionary of Insurance Terms for: aleatory contract. aleatory contract . contract that may or may not provide more in benefits than premiums paid. For example, with only one premium payment on a property policy an insured can receive hundreds of thousands of dollars should the protected entity be destroyed. On the other hand, an insurance company can collect more in premiums than it ever pays ...
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