The submission of an application for an insurance policy. If the offer is for life insurance, the first premium payment must
be included for the application to be considered an offer.
Offer and Acceptance:
The submission of an application for an insurance policy by the applicant and in
the case of a life insurance application, a first premium payment ("Offer"),
followed by an issuance of a policy by the insurer ("Acceptance").
Insurance that covers a third party while driving the insured's automobile with
the permission of the insured.
A circumstance in which the amount of insurance benefits exceeds the value of damages.
For life insurance, an applicant considered overinsured will not be offered additional
coverage unless the applicant replaces their current coverage.
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