The amount of premium payments and when they are due.
In any contract, consideration refers to the exchange of things of value between the parties. For insurance contracts, the exchange is money for insurance coverage.
Answer:
The amount of payment and when they are due
Explanation:
An insurance contract is a contract in which one party (the insurer) assumes the risk of other party (the insured) with a compensation if a specified uncertain incidence happen in the future.
The consideration clause is a condition attached to an insurance policy that defines the cost of coverage and when payment is due.
Life insurance has four major consideration which are Tax implications , terms and conditions ,beneficiary and distribution option.
