Which statement below is NOT true regarding the distinguishing characteristics of insurance contracts? An aleatory contract is one that involves an element of chance in that one party may receive more value than the other party. The insurer's obligation to pay a claim depends upon the performance of certain acts, such as payment of premiums and furnishing proof of death. Valued insurance policies are policies where the insurer agrees to pay a stated sum of money. The policyowner makes a contractual promise to pay premiums