What is the consideration that an insurer gives to the insured under

Question

What is the consideration that an insurer gives to the insured under an insurance contract?this question is part of property and casualty insurance license exam cram

John Smith · Accepted Answer

A promise to pay for certain losses if they occur

C is correct. Consideration is the thing of value exchanged under a contract. The insureds consideration is the premium; in return, the insurer promises to pay for certain losses if they occur.

What is the consideration that an insurer gives to the insured under an insurance contract?

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What is the consideration that an insurer gives to the insured under an insurance contract?

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John Smith

More Property And Casualty Insurance License Questions

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