Offer and Acceptance
An indication that the policy has been applied for and issued. This may refer to the applicant's "offer" made by signing the application, submitting a physical examination, and paying the first premium, followed by the insurer's "acceptance" as indicated by the issuance of the policy. Or, this may refer to the insurer's "offer" made when the application is received without payment of the premium. The "acceptance"occurs when the first premium is paid by the applicant.
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