What is the Definition of Commutative Contract?

What is the Definition of Commutative Contract?

An agreement under which the contracting parties specify the values that they will exchange; moreover, the parties generally exchange items or services that they think are of relatively equal value. Contrast with Aleatory contract.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Commutative Contract?

What is the Definition of Commutative Contract?

Check out other definition of insurance terms below:


What is the Meaning of COMMUTATIVE CONTRACT In Insurance Terms?

An agreement under which the contracting parties specify the values that they will exchange; moreover, the parties generally exchange items or services that they think are of relatively equal value. Contrast with Aleatory contract.


What is the Meaning of COMPETITIVE STATE FUND In Insurance Terms?

A facility established by a state to sell workers compensation in competition with private insurers.


What is the Meaning of COMPLAINT RATIO In Insurance Terms?

A measure used by some state insurance departments to track  consumer complaints against insurance companies. Generally, it is stated as the number of complaints upheld against an insurance company, as a percentage of premiums written. In some states, complaints from medical providers over the promptness of payments may also be included.


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