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1. Aleatory - it is an aleatory but not a wagering contract. By an aleatory contract, one of the
parties or both reciprocally bind themselves to give or to do something in consideration of
what the other shall give or do upon the happening of an event which is uncertain, or
which is to occur at an indeterminate time.
2. Unilateral - A contract of insurance is wholly executed on the party of the insured by the
payment of the premium, and remains executory on the part of the insurer, subject to the condition of the happening of the event insured against.
3. Personal - it is personal in the sense that each party to it, in entering into the insurance
contract, takes into account the character, credit and conduct of the other.
4. Conditional - The insurer’s liability is based on the happening of the event insured against.
5. Contract of Indemnity – Indemnity is the basis of all property insurance. It simply means that the insured who has insurable interest over a property is only entitled to recover the amount of actual loss sustained and the burden is upon him to establish the amount of such loss.
parties or both reciprocally bind themselves to give or to do something in consideration of
what the other shall give or do upon the happening of an event which is uncertain, or
which is to occur at an indeterminate time.
2. Unilateral - A contract of insurance is wholly executed on the party of the insured by the
payment of the premium, and remains executory on the part of the insurer, subject to the condition of the happening of the event insured against.
3. Personal - it is personal in the sense that each party to it, in entering into the insurance
contract, takes into account the character, credit and conduct of the other.
4. Conditional - The insurer’s liability is based on the happening of the event insured against.
5. Contract of Indemnity – Indemnity is the basis of all property insurance. It simply means that the insured who has insurable interest over a property is only entitled to recover the amount of actual loss sustained and the burden is upon him to establish the amount of such loss.
