In forming an insurance contract, when does acceptance usually occur?

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In forming an insurance contract, when does acceptance usually occur?

A) When an insurer’s underwriter approves coverage

B) When an insurer delivers the policy

C) When an insurer receives an application

D) When an insured submits an application

ANSWER: A

EXPLANATION:

In insurance, the offer is usually made by the applicant in the form of the application. Acceptance takes place when an insurer’s underwriter approves the application and issues a policy.

 

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