An insurance policy is an aleatory contract, but an entire book of business is not.

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An insurance policy is considered an aleatory contract because the benefits may be disproportionate to the premiums paid, depending on whether a claim is made or not. However, an entire book of business, which includes many policies, is managed to balance risk and is not dependent on the outcome of individual contracts, making it not aleatory in nature.

An Insurance Policy Is an Aleatory Contract, but an Entire