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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Exchange of a new policy for one already in force. ...
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Means of providing insurance protection for the property of a business that is not at a fixed location. ...
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