Which type of clause describes the following statement we have issued the policy?

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24-08-2022
Social Studies

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Which type of clause describes the following statement we have issued the policy?

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monikaVT12 monikaVT12 · Answer 1 · 2022-08-31T12:24:55+02:00

Consideration clause desscribes the statement "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium".

What is a consideration clause?

Consideration clause refers to the clause which is used to explain or define the total amount that is due for coverage.

Consideration clause consists of the the terms and conditions that determine how payment is made in exchange for mutual consideration.

Basically, consideration clause outlines the payment that is due in exchange for the promise of something that is valuable such as a service, property, a promise etc.

Learn more about consideration clause here:-

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