Involving only one side.
Insurance Encyclopedia
Unilateral contract
Type of agreement in which only one of the parties is legally required to carry out the terms. Insurance contracts are unilateral because the insurance company promises benefits and only the insurer can be charged with breach of contract.
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A contract where only one of the parties makes a promise that is legally enforceable. An insurance contract qualifies as a unilateral contract because the insurer is the only one to make a promise.
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A contract such as an insurance policy in which only one party to the contract, the insurer, makes any enforceable promise. The insured does not make a promise but pays a premium, which constitutes his part of the consideration.
Unilateral Contracts
After the insured has paid the premium or premium installment and the insured has paid the premium or premium installment and the contract has gone into effect, only the Insurer can be forced to perform, because the insured has fulfilled his promise to pay the premium. This, Insurance contracts are unilateral contracts.
Uninsurable
Entity that fails to meet the requirements of an insurable risk and falls outside the parameters of risk coverage using standard underwriting practices (e.g., high-risk individuals).
Uninsurable risk
A risk that cannot be insured because an essential condition is not present. It may: (a) lack insurable interest; (b) defy quantification; (c) entail widespread losses (e.g. war damage to property on land); (d) create excessive cost; (e) be speculative; (f) may reflect certainty rather than uncertainty; (h) be contrary to public policy.
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An uninsurable risk is one that is literally uninsurable because loss is certain rather than possible.
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An uninsurable risk is one which is literally uninsurable because loss is certain rather than possible.
Uninsurable risk class
Category of individuals who have such a high risk of loss that an insurance company will not insure them.
Uninsured
Individuals who have no health insurance coverage either privately or via state or government programs.
Uninsured drivers
Drivers not covered by third party insurance as required by the Road Traffic Act 1988. Their injured victims can secure compensation under the Uninsured Driver Agreement 1999. The Third Motor Insurance Directive 90/232 requires the victim to bear the first £175 of property damage, but there is no recovery for a person who knowingly enters an uninsured or stolen vehicle.
Uninsured Drivers’ Agreement 1999
Agreement between the Motor Insurers Bureau and the government whereby the MIB compensates the victims of negligent uninsured drivers who had no insurance or only defective insurance. In the latter instance the vehicle insurer deals with the victim’s claim but has a right of recovery against the negligent motorist. See UNTRACED DRIVERS AGREEMENT.
Uninsured losses/uninsured loss recovery
Losses not covered by a first party insurance such as an accidental damage excess under a comprehensive car insurance and cost of hiring an alternative car. The losses may be recoverable from a negligent third party.