Which of the following statements concerning insurance contracts is NOT correct?
- An insurance contract is bilateral because both the insurer and the insured make legally enforceable promises.
- In an insurance contract, the insurer has made legally enforceable promises for which it can be sued for breach of contract.
- Because property insurance contracts are personal, it is basically the person that is being insured.
- Property insurance contracts are contracts of indemnity, but life insurance contracts are not contracts of indemnity.