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Insurance Contract
An agreement between an insurer and a policyholder in which the insurer promises to pay for specific losses or damages in exchange for premiums paid by the policyholder.
Void
A term describing a contract or legal obligation that is null, having no legal force or effect from the beginning.
Wager
An agreement where a person stakes something of value on an uncertain event with the intent of winning something of greater value.
Statute Of Frauds
A legal principle that requires certain contracts to be in writing and signed by the parties involved, in order to be legally enforceable.
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