Offer refers to the terms of an insurance contract as proposed by one party (the potential insurer)...
accept
To accept is to agree to insure.
Additional Information
An insurer accepts a risk when an underwriter or agent agrees to insure it, and the essential elements of the insurance contract are known and agreed to by the parties to it. Even though a policy has not been issued, once the risk is "accepted," the insurer is obligated to pay a loss that occurs subject to the terms and conditions of the coverage agreed upon.
Related Terms
