Respuesta :
Answer:
the payment of the insurance premiums
Explanation:
Consideration in contract law refers to an exchange of something of value, e.g. I pay $5 in exchange for a hamburger.
In insurance contracts, consideration provided by the insured refers to paying the insurance premium. Consideration provided by the insurance company is the promise to pay in case of a covered loss.
The type of consideration offered by the proposed insured to an insurance company is payment of the insurance premium.
What is a consideration?
A payment made by one party to another in exchange for the transfer of something of value is referred to as consideration. Consideration can take the form of property payment, obligation settlement, or forbearance. It must be valuable to both parties involved in a transaction. A contract can be declared invalid if valuable consideration is not included. Consideration should be measurable. Thus, an offer of money in exchange for services rendered is regarded as a valid form of consideration, whereas a promise of increased affection in exchange for a service is not quantifiable and thus is not regarded as a valid form of consideration.
A consideration is a promise of something of value made by a promisor in exchange for something of value made by a promise; the thing of value is typically goods, money, or an act. Consideration is the concept of value offered and accepted by individuals or organizations entering into contracts. Consideration can be anything of value promised by one party to the other when making a contract.
What is an insurance premium?
An insurance premium is the amount of money paid by an individual or business for an insurance policy. Premium for policies covering healthcare, auto, home, and life insurance are paid. The premium is income for the insurance company once it is earned. It also represents a liability because the insurer is required to provide coverage for claims made against the policy. If an individual or a business fails to pay the premium, the policy may be cancelled.
When you purchase an insurance policy, your insurer will assess a premium. This is the cost of the insurance policy. Policyholders can pay their insurance premiums in a variety of ways. Some insurers allow policyholders to pay the insurance premium in monthly or semi-annual instalments, whereas others may require a full upfront payment before any coverage begins.
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