All of the following statements concerning the legal characteristics of insurance contracts are correct EXCEPT:

		An insurance contract is a personal contract and follows the person rather than any property concerned.
		Insurance contracts are conditional in nature; that is, the failure of one party to perform relieves the other party of his or her obligations.
		An insurance contract is a contract of adhesion whereby the insurer prepares all contract provisions and the policy owner either accepts or rejects the policy as prepared (adheres to it).
		It is generally held that where the terms of an insurance policy are ambiguous, obscure, or susceptible to more than one interpretation, the construction most favorable to the insurer will prevail.