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
Federal agency that regulates commerce across state lines. The ICC does not oversee insurance, which is subject to regulation by the states according to Public Law 15, McCarran-Ferguson ...
Provision in an umbrella liability insurance policy under which the policy will pay those losses that come within the retention limits of the primary policy, but the primary policy cannot ...
Market in which buyers dominate trading and force financial asset prices up. ...
Individual or organization that is a potential purchaser of an insurance product. ...
Events that do not have any influence on the occurrence or nonoccurrence of another event; for example, a plane crashing in Shreveport should have no influence on a plane crashing in Dallas. ...
Person who uses personal property such as an automobile with permission of an owner. For example, for insurance purposes, someone who uses an automobile with the owner's permission would be ...
Combination property, liability, and business interruption policy. It is usually written to cover expenses of small and medium size businesses resulting from damage or destruction of ...
Insured plan under which the insurance company agrees to provide the insured with a series of benefits on a benefits-paid basis plus administrative services on a stipulated-fee basis. This ...
Federal legislation passed in 1974 that mandated that legislators in all states that are in receipt of federal funds for health care review and approve any planned capital expenditures to ...
Have a question or comment?
We're here to help.