Exam term

Consideration clause

The provision describing the exchange of value in a life policy: the applicant's completed application and initial premium in return for the insurer's promise to pay benefits.

Lessons that use this term

Core contract provisions: entire contract, insuring clause, free look, consideration, owner's rights Florida
Other provisions I: insuring clause, free look, consideration, probationary and elimination periods Florida
Core contract provisions: entire contract, insuring clause, free look, consideration, owner's rights New York
Other provisions I: insuring clause, free look, consideration, probationary and elimination periods New York
Core contract provisions: entire contract, insuring clause, free look, consideration, owner's rights Texas
Other provisions I: insuring clause, free look, consideration, probationary and elimination periods Texas