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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Payments due to an insurance company but not yet paid. ...
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Provision commonly found in fire insurance contracts. If the insured knows that a hazard is increased, most property contracts permit the insurance company to suspend or terminate coverage. ...
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