Characteristics of an Insurance Contract

A contract of insurance has the following characteristics:

Consensual – perfected by the meeting of the minds of the parties

Voluntary – it is not compulsory and the parties may incorporate such terms and conditions as they may deem convenient which will be binding provided they are not against the law or public policy

Aleatory – depends upon some contingent event

Executed – as to the insured after the payment of the premium

Executory – as to the insurer as it is not executed until payment for a loss

Conditional – subject to conditions the principal one of which is the happening of the event insured against

Personal – each party in the contract have in view the character, credit and conduct of the other

A contract of insurance has the following characteristics:

Consensual – perfected by the meeting of the minds of the parties

Aleatory – depends upon some contingent event

Executed – as to the insured after the payment of the premium

Executory – as to the insurer as it is not executed until payment for a loss

Conditional – subject to conditions the principal one of which is the happening of the event insured against

Personal – each party in the contract have in view the character, credit and conduct of the other

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