Page 18 - Life Assurance
P. 18
/5 Considerations:
All contracts - including the insurance contract -
must be supported by a consideration. A
“consideration” has been defined as the act or
promise that is bargained for. The insured
consideration is made up of monetary payment.
The insurer consideration is its promise to
pay indemnity upon the occurrence of loss due
to certain perils.
82 Life41/life/life 08
All contracts - including the insurance contract -
must be supported by a consideration. A
“consideration” has been defined as the act or
promise that is bargained for. The insured
consideration is made up of monetary payment.
The insurer consideration is its promise to
pay indemnity upon the occurrence of loss due
to certain perils.
82 Life41/life/life 08
