General insurance What must be fulfilled before Offer can be accepted under Insurance policy?

Mataracy

VIP Contributor
To constitute an offer capable of being accepted, the following conditions must be fulfilled?

(1) The alleged offer must be intended by the parties making it to be an offer. The party who begins with negotiations does not necessarily make an offer thereby, he may merely indicate his readiness to consider an offer

(2) The alleged offer must be complete. It must show with precision the contract in to which the party making it prepared to enter.

(3) The alleged offer must be communicated to the party.

(4) The alleged offer must be in force at the time when the other party purports to accept it.

It should be noted further that, any offer may be revoked before acceptance; and an offer once refused ceases to be in force and cannot afterwards be accepted unless it is repeated. On the other hand, the acceptance of a proposal maybe dignified by the insurers in one of the followings ways:

(1) by a former acceptance

(2) by the issue of a policy

(3) by acceptance of the premium

(4) by the conduct of the insurers.

An acceptance, lime an offer, could be made by word of mouth, by writing delivered by hand or through the post, by telephone, telex,telegram, or by conduct or other means.
 

sincerem

VIP Contributor
Their are several policies that will be evaluated first by the insurance company and the insurers before coming in mutual agreement. This policy is simply like an terms of use, we must accept what's stated if we want to move forward with the insurance company to safeguard our lives and property against all unforeseen.
 

Mandy96

Valued Contributor
The most vital aspect, i think it’s the fact that an agreement must be reached between the two parties. The insured might be the one that comes up with offer but the acceptance part lyes with the insurer because they happen to be the insurance company that will give you the contract you are buying
 

Chibson

VIP Contributor
Before you make an agreement with an insurance company and there are some policies and agreements which must be reached. It is also very important for the insurer to understand fully what the policies and tells before agreeing. The two parties must come in terms with each other before an agreement will be reached.
 

btaliat

VIP Contributor
Insurance is an agreement between the insurance company and the insured person. Agreement is not just yes or no thing, there must be certain things and principles that the two parties must be willing to cooperate with each other in or else the agreement will not last as it is expected.
 

Wisdom01

Valued Contributor
I think the offer must be in line with the terms of the company before issuing it and also it must contain the necessary agreement and decisions to be made , must be properly written so the party could read the offer very well and make the right decision on what to do
 

Phabbyfundz

Active member
This is under insurance policy regulations and insurance score's. Before a business, property, company or individual can be insured by any insurer or insurance company he must have first passed the insurance scores a good insurance score is above 760 and while a bad insurance score is below 600. This are the requirements.
 

sincerem

VIP Contributor
Every one must meet up with the insurance company's terms and conditions. When the terms isn't reached their is no way an insurance company will reach agreement with an insured. Because the insurer is simply looking for its own profit just as the insured is looking for profit as well.
 
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