The Difference Between a Wagering Contract and an Insurance Contract

question 11

Multiple Choice

The difference between a wagering contract and an insurance contract is that the insurance contract:

• A)is commercial in nature.
• B)transfers an existing risk.
• C)does not contain an insurable interest.
• D)is between two interested parties.

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Definitions:

Third-degree Felony

A category of crime considered less serious than first or second-degree felonies, but still criminally significant, subject to legal penalties including imprisonment.

Model Penal Code

A standardized set of criminal laws developed as a guideline to shape and modernize the penal laws of the United States.

Capital Offense

An offense for which the legal system can impose the death penalty.

First-degree Felony

A classification of crime regarded as the most serious, typically involving severe harm or risk to human life.