Which One of the Following Is True Concerning Consideration in Property

Multiple Choice

Which one of the following is true concerning consideration in property insurance?

A) dollars must change hands from the insured to the insurer before a contract exists
B) the only valid consideration is cash payment of all premiums in full
C) abiding by the contractual language and paying the premium is the consideration the insured provides
D) if the premium is not paid at the time of a loss, the insured is given a 30 day grace period to pay