Which of the following represents consideration by the insured in a contract?

In an insurance contract, consideration refers to something of value that is exchanged between the parties involved. In the context of life insurance, the insured's consideration is typically the payment of the premium. This payment serves as the insured's commitment to uphold their obligations under the contract, which essentially allows the insurer to provide coverage in return.

Payment of the premium is crucial because it fulfills the insured's side of the contractual agreement, ensuring that the insurer is compensated for the risk they are taking on by providing coverage. Without this payment, the insurer would not be obligated to provide coverage, indicating the foundational role of premium payment in the validity of the insurance contract.

The other options do not represent consideration in the same way. Reviewing premium rates doesn't involve an exchange and simply pertains to assessing cost. Signing a waiver may imply relinquishing rights but does not involve the mutual exchange of value required in a contract. Claim submission is a process initiated after the contract is in effect and relates more to the fulfillment of the contract than the foundational consideration when establishing it. Thus, payment of the premium is the clear representation of the insured's consideration in the insurance contract.