Final answer:
An insurance contract where only the insurer makes a legally enforceable promise is known as a unilateral contract, with the insured's role primarily involving premium payments.
Step-by-step explanation:
The insurance contract in which ONLY one party, the insurer, makes a promise to another is known as a unilateral contract. This type of contract is distinct in the way that it only requires one party to make a promise or perform an action. An example of this would be a life insurance policy where the insurance company promises to pay a specified amount of money upon the death of the insured, while the insured is only required to make premium payments without any promise of action.