With respect to the Consideration Clause, which of the following would be considered consideration on the part of the applicant for insurance?
a) Providing warranties on the application
b) Notice of policy cancellation
c) Payment of premium
d) Promise to renew the policy at the end of the policy period
Answer:
Option C is correct
Explanation:
This is an amount of money payment made by an individual to an insurer on an insurance policy. This insurance premiums are paid for policies that cover Auto, health, home and others.
