In an insurance contract, what is the term for the premium payment made by the insured?

The term for the premium payment made by the insured is referred to as "consideration" in the context of an insurance contract. In contract law, consideration represents something of value that is exchanged between the parties involved; in this case, the insured provides the premium payment (consideration) to the insurer in return for coverage under the policy.

This mutual exchange is essential for the validity of the insurance contract. The consideration from the insurer, on the other hand, is the promise to provide coverage or pay claims as stipulated in the policy. Without consideration from both parties, the contract would be invalid.

Other terms mentioned, such as "claim," refer to a request made by the insured for payment based on the covered losses. "Obligation" pertains more generally to the responsibilities or duties required by either party under the contract. "Endorsement" is an amendment or addition to the existing insurance policy. Hence, "consideration" is the correct term for the premium payment, highlighting the essential nature of this exchange in forming a valid insurance contract.