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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Death without a will having been drawn. Under this circumstance, the court follows state law in deciding how the estate of the deceased is to be distributed. ...
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Life insurance on the life of a child. ...
Trust established under the Internal Revenue Service code that is used to provide accident and sickness benefits to member employees. ...
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