Accept

1 minuteread by Gary Huddleston

Accept — to agree to insure. 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.

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1 minuteread by Gary Huddleston

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