Generally, any contract that gives both parties mutual unconditional or conditional rights to immediate and/or subsequent payment. – A subform is the insurance contract. Here, one party (insurer, insurance underwriter) promises a later payment to the other party (policyholder, insuree), who in return pays a premium immediately. This payment is conditional in that it is payable only upon the occurrence of a pre-specified event. – See financial product, risk, transaction, insurance contract.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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