Which is the ‘consideration’ from the insurer in an insurance contract?

A Premium
B Promise to indemnify
C Policy bond
D Proposal

Correct Answer: Promise to indemnify

Promise to indemnify is the ‘consideration’ from the insurer in an insurance contract. In every contract of guarantee there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee, but no sums which he has paid wrongfully.
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Related Questions

According to a survey of business firms in a certain city, 750 firms offer their employees health insurance , 640 offer dental insurance and 280 offer health insurance and dental insurance. How many firms offer their employees health insurance or dental
A 920
B 1,100
C 1,110
D 1,030
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A Direct Insurer
B Ceding Insurer
C Re-Insurer
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A Discounted future value
B Discounted present value
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A Proposal form
B Policy document
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A Premium
B Proposal
C Understanding
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A Insurance Co. has all the bargaining power
B Client has also great bargaining power
C Both A & B
D None of the three
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A Early death claim
B Non-early claim
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A If the hospitalization is to a non-network hospital
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A Surrender
B Revival
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