Question

which of the following best describes an aleatory contract
only one party being legally bound for the contract
exchange of equal values
exchange of unequal values
policies are submitted to the insurer on a take it or leave it bases

what is. a representation?
statements guaranteed to be true on the application
statements made on an insurance application to the best of applicants knowledge
statements made to the best of the beneficiaries knowledge
giving false information to a question asked on the application

the medical information bureau mib is
a government entity that reviews medical information
an association of physicians who write insurance rules
a source of medical information to alert insurers to adverse medical history

Explanation:

1. For aleatory contracts: These are contracts where the parties' obligations depend on a contingent event, leading to an unequal exchange of value (e.g., insurance, where a small premium may lead to a large payout).
2. For representations: In insurance, a representation is a statement made by the applicant that is guaranteed to be true in the application, as it forms a basis of the contract.
3. For MIB: The Medical Information Bureau is a shared database that provides insurers with medical history data to flag adverse health risks for underwriting.

Answer:

1. Exchange of unequal values
2. Statements guaranteed to be true on the application
3. a source of medical information to alert insurers to adverse medical history