What Does Consideration Mean?

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What does Consideration mean? Read on to discover the definition & meaning of the term Consideration - to help you better understand the language used in insurance policies.

Consideration

Consideration

An exchange of something of value between two parties. This is one of the requirements of a valid contract. Payment of the premium is an applicant's consideration. The company's promise to pay proceeds is its consideration.

We hope the you have a better understanding of the meaning of Consideration.

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