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Insurance

  Insurance   |   Terms
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  • December 24, 2022
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Acceptance

In contract law, it is an agreement to an offer. Both offer and acceptance are essential for contract formation. For insurance contracts, the insurer usually expresses willingness to underwrite a risk by issuing a policy in exchange for a premium from an applicant. Both actions, offer (application for insurance coverage) by a client and acceptance (willingness to satisfy the need for risk underwriting) by a firm constitutes the insurance contract.


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