Reinsurance contracts stay outside the scope of the rules applying to insurance contracts. Art. 1964 Civil code: Insurance contracts are considered aleatory contracts. Article R. 332-3-3, Insurance Code: Modifié par Décret n°2008-1437 du 22 décembre 2008 - art. 6 French insurers can be reinsured by non-EEA reinsurers. The aleatory contracts (that the former doctrine named gaming and betting (1)) are the contracts of onerous title, wherein the limits and even the existence of the obligation for one of the parties, or for both is not known at the moment of the contract conclusion because it depends upon an uncertain and future event, in this case the uncertainty being referred to the fulfillment or failure of the event (condition) or to the moment of fulfillment only (uncertain term). Aleatory Contract Law and Legal Definition. An aleatory contract is a contract whose execution or performance is contingent upon the occurrence of a particular event or contingency or an uncertain (random) event beyond the control of either party. Most insurance policies are aleatory contracts. Definition. Aleatory Contract — an agreement concerned with an uncertain event that provides for unequal transfer of value between the parties. Insurance policies are aleatory contracts because an insured can pay premiums for many years without sustaining a covered loss. Aleatory contracts are contracts in which there is no obligation for one party to pay another party until a specific event takes place. Insuranceopedia explains Aleatory Contract Since insurers don't usually have to pay policyholders until they file a claim, most insurance contracts are aleatory contracts. 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 aleatory contract is an agreement in which one of the parties, or both the parties reciprocally, are uncertain as to their obligation to perform. Basically, it is a contract that depends upon a chance occurrence. Examples of such contracts include gambling contracts and betting contracts. An aleatory contract is an agreement whereby the parties involved do not have to perform a particular action until a specific, triggering event occurs. Events are those that cannot be controlled Aleatory Contract. A mutual agreement between two parties in which the performance of the contractual obligations of one or both parties depends upon a fortuitous event. The most common type of aleatory contract is an insurance policy in which an insured pays a premium in exchange for an insurance company's promise to pay damages up to the face Thus the game and the bet (sometimes called stakes or wager) were defined as aleatory contracts whereby the parties mutually agree to pay a sum of money or other thing to the winner based on the achievement (check) or failure of an event or fact--depending on the strength, skill, knowledge of the contracting parties or other persons or the hazard--situation which offers to all parties chances of gain and loss.
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