Consideration
Definition of "Consideration"
- under contract law, anything of value exchanged for a promise or for performance that is needed to make an instrument binding on the contracting parties.
- adherence to all provisions of an insurance policy by an insured; for example, the insured agrees to make all premium payments when due in order to maintain a policy in full force.
- payment for an annuity.
Popular Insurance Terms
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Record prepared by the rating bureau describing the particulars of an insured property and the applicable premium rate. ...
Statutory law that lowers the defendant's liability by restricting the monetary recovery of the plaintiff incurring a specified injury, such as pain and suffering, or by restricting the ...
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Costs associated with the selling of a new insurance policy to a policyholder. The costs include the acquisition commission as a percentage of the first year's premium, underwriting ...
Coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination. The individual cannot be denied coverage or charged ...
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Same as term: Beneficiary; Beneficiary Clause: ...
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