1. An insurance contract is described as unilateral because:

Only the insurer makes a legally enforceable promise once the premium is paid

Insurance is unilateral: after the premium is paid, only the insurer is legally bound to perform its promise.

2. Insurance is a conditional contract because:

Certain conditions, such as paying premiums and filing proof of loss, must be met for benefits to be paid

A conditional contract requires both parties to meet specified conditions, such as premium payment and proof of loss, before obligations arise.

3. When an insurer voluntarily gives up a known right, such as the right to a defense, this is called:

A waiver

A waiver is the voluntary relinquishment of a known right, and estoppel may then prevent the insurer from later asserting that right.

4. A misrepresentation on an insurance application is generally considered material if:

It would have affected the insurer's decision to issue the policy or set the premium

A misrepresentation is material if a truthful answer would have changed the insurer's underwriting decision or premium, potentially voiding coverage.