At First Brokers Insurance we are here to guide our customers through the sometimes confusing world of insurance coverage. We offer many types of insurance including, Auto, Home Owners, Life and Commercial. In order to help give you a greater understanding of insurance we are continuing our insurance defined series.
*Aleatory Contract- a contract in which there is an unequal exchange between parties because the element of chance is involved in performance under the contract.
Example: An insured pays $1,000 in annual premium for auto insurance. During the year, the insured is involved in an automobile accident and the insurance company pays out $25,000. In the next year, the insured pays $1,200 in annual premium for auto insurance, has no accidents, and the insurance company pays out nothing.
The first priority of the agents at First Brokers Insurance is to ensure that you have the best coverage at the best price. Give us a call and schedule your free policy evaluation.
*The National Alliance Research Academy: Insurance Essentials Handbook