See Also
3 basic elements that define a whole life insurance policyWhich of the following is not applicable in a Life Insurance contract?Human-Life Approach: Definition, Value Calculation, ExampleDifferent Types of Life Insurance PoliciesYou've already learned what is meant by the term "consideration" when dealing with insurance. That's right...Money!
The consideration clause spells out exactly how much premium payments are and when they are due. The legal consideration for a life policy consists of the application and payment of the initial premium. It may also list the effective date.
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