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Question 20

Select the appropriate response:

The Consideration clause in a life insurance policy indicates that a policyowner's consideration consists of a completed application and

A. the initial premium
B. agreeing to a physical examination
C. delivery of policy
D. disclosure of any medical conditions

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Answer :

GinnyAnswer

Final answer:

The Consideration clause in a life insurance policy outlines the policyowner's obligations for the policy to be valid and enforceable.


Explanation:

The Consideration clause in a life insurance policy indicates that a policyowner's consideration consists of a completed application and:

  • the initial premium
  • agreeing to a physical examination
  • delivery of policy
  • disclosure of any medical conditions

This clause is essential as it outlines the requirements for the policy to be valid and enforceable. For instance, the policyowner must fulfill these obligations for the insurance coverage to take effect.


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