Which of the following statements concerning insurance contracts is not correct?

  1. An insurance contract is bilateral because both the insurer and the insured make legally enforceable promises.
  2. In an insurance contract, the insurer has made legally enforceable promises for which it can be sued for breach of contract.
  3. Because property insurance contracts are personal, it is basically the person that is being insured.
  4. Property insurance contracts are contracts of indemnity, but life insurance contracts are not contracts of indemnity.