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the second important clause found in every life insurance policy. As its name implies, the consideration clause deals largely. with the consideration paid by the policyowner for life insurance protection-. -the premium. identifies the fact that the policyowner must pay something of value. for the insurer's promise to pay benefits. This valuable consideration is the. premium.
Valuable Consideration. In the formation of a valid and binding contract, something of worth or value that is either a detriment incurred by the person making the promise or a benefit received by the other person. In contract law consideration is required as an inducement to enter into a contract that is enforceable in the courts. It is an essential element for the formation of a contract. What constitutes sufficient consideration, however, has been the subject of continuing legal debate. Contracts and courts generally use the term valuable consideration to signify consideration sufficient to sustain an enforceable agreement.