Which of the following is NOT considered a form of consideration in an insurance policy?

In the context of an insurance policy, consideration refers to something of value that is exchanged between the parties involved, which in this case are the insured and the insurer. The term typically encompasses the premiums paid by the insured, the coverage provided by the insurer, and the promises made by both parties.

The premium paid by the insured is a direct financial contribution and is a clear form of consideration, as it entails the insured's commitment to the contract. The coverage provided by the insurer is also a form of consideration because it is what the insurer is obliged to offer in exchange for the premium. The promises made by both parties highlight the mutual agreement inherent in a contract, where each side commits to fulfill their respective obligations.

The application given to a prospective insured does not constitute a form of consideration in the context of an insurance policy. While the application is a necessary document in the process of obtaining insurance, it does not represent an exchange of value that satisfies the definition of consideration in the binding agreement between the parties. Therefore, it is the least relevant to the actual contractual relationship under an insurance policy.