Term Life Insurance

Thursday, December 08, 2016
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Life Insurance Glossary

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O

Offer:
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").

Omnibus Clause:
Insurance that covers a third party while driving the insured's automobile with the permission of the insured.

Overinsured :
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.


For more reference, click on any of the letters below to find life insurance terms that begin with that letter.
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