In terms of insurance, consideration refers to the fact in which the insurance company gives adequate consideration in terms of coverage for losses when premiums are being paid. If a person wants to continue receiving this benefit, he or she could buy a policy as well as pay premiums.
Insurance can be considered a business and in this way, one party can get benefits from another one when there is a trade of something that has an important value. This is called paying premiums regarding the insurance world.
1 Declining fertility and increasing longevity lead to rising numbers of older persons as well as a continuously growing share of older persons in the population.
