Which type of clause describes the following statement: “We have issued the policy in consideration of the representations in your applications and payment of the first-term premium”.

Insurance

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Which type of clause describes the following statement: “We have issued the policy in consideration of the representations in your applications and payment of the first-term premium”.

Options

a) Premium clause
b) Consideration clause
c) Adhesion clause
d) Contestability clause

Answer: b) Consideration clause

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