Why Is Life Insurance A Unilateral Contract?

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   David RacichPRO

   Fountain Hills, Arizona

   A unilateral contract is an agreement between two parties whereas the life insurance company holds out a policy with its contract provisions and an underwriting offer that they bind their company to via the premium payment by the policy owner. The life insurance company promises to pay death benefit proceeds to the policy beneficiaries.
    

   Answered on June 23, 2013

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