Homeowner's Insurance Is an Example of Which of the Following

question 8

Multiple Choice

Homeowner's insurance is an example of which of the following types of insurance?

• A) Casualty
• B) Property
• C) Personal
• D) Individual
• E) Commercial

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Definitions:

Gratuitous Promise

A promise for which no consideration is given or required in return, often unenforceable without a deed or under specific legal conditions.

Consideration

In contract law, consideration refers to the value (such as money, a service, or a promise) that is given in exchange for a contractual obligation from the other party.

Illusory Contract

An agreement that fails to bind one party due to vague or unenforceable terms, making it appear to be a contract only in illusion.

Probated

Referring to the legal process in which a will is reviewed to determine whether it is valid and authentic.