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Aleatory Feature of Insurance Contract and the Justification of Exclusion Clauses

XIAO Hebao,YANG Jia-mei (Law School, Hunan University, Changsha, Hunan 410082, China)  
Mutual obligatory, uncertainty of performance and imbalance of consideration are inherent features of aleatory contracts. As a kind of aleatory contracts, insurance contracts share the fundamental features of all aleatory contracts and keep some special features as well. The aleatory feature of insurance contracts is one of the reasons that result in moral hazards, while the exclusion clauses are arranged as reasonable regime to exempt the moral hazard. With its ignorance of the full validity of exclusion clauses, the article 18 of the Insurance Law of China is needed to be amended.
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