Cambridge Dictionaries online Cambridge Dictionaries online

The most popular online dictionary and thesaurus for learners of English

English definition of “aleatory contract”

aleatory contract

noun [C]
 
 
INSURANCE, FINANCE, LAW an agreement that is connected with an event that is not under someone's control , that may or may not happen, and of which the result is uncertain. Most insurance agreements and derivatives (= financial products based on the value of another asset) are aleatory contracts: The most common type of aleatory contract is an insurance policy, in which an insurance company must make payment only after a fortuitous event, such as a fire, occurs.
(Definition of aleatory contract from the Cambridge Business English Dictionary © Cambridge University Press)
What is the pronunciation of aleatory contract?
Add Cambridge dictionaries to your browser to your website

Word of the Day

beginner's luck

unexpected success experienced by a person who is just starting a particular activity

Word of the Day

Think long and hard; the language of decisions

by Liz Walter,
January 28, 2015
One of the best ways (perhaps the best way) to improve your English is to learn how words go together in phrases, idioms, or other patterns such as verb/noun or adjective/noun pairs (often called ‘collocations’). This blog looks at some useful phrases and collocations connected with the subject of decisions, something we

Read More 

micro pig noun

January 26, 2015
an extremely small pig, bred to be a pet Micro pigs have become popular pets recently, with famous owners including Victoria Beckham, Paris Hilton and Olympic diver, Tom Daley.

Read More