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Answered

In insurance contracts, consideration on the part of the insured is

A. Warranties made in the application.
B. Transferring policy rights to another person.
C. The payment of premiums and representations made in the application.
D. The submission of proof of loss.



Answer :

GinnyAnswer

Final answer:

Consideration in insurance contracts is the insured's financial commitment through premium payments and application representations.


Explanation:

Consideration on the part of the insured in insurance contracts refers to the payment of premiums and representations made in the application. It involves the financial commitment made by the insured to the insurance company.


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