MLchartDataset catalogue

Consideration

Term · Insurance and risk management · MLC-T-INS-000908

Something of value exchanged between parties to a contract, forming the basis for a legally binding agreement. In an insurance contract, the insured's consideration is the premium payment and the representations made in the application. The insurer's consideration is the promise to pay covered claims according to the policy terms.

Table 1. Record
IdentifierMLC-T-INS-000908
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-000908",
  "term": "Consideration",
  "field": "Insurance and risk management",
  "definition": "Something of value exchanged between parties to a contract, forming the basis for a legally binding agreement. In an insurance contract, the insured's consideration is the premium payment and the representations made in the application. The insurer's consideration is the promise to pay covered claims according to the policy terms.",
  "url": "https://mlchart.com/terminology/insurance/consideration/"
}

Record 704 of 3,682 in Insurance and risk management terminology (MLC-0106). Request the full dataset.