offer to Over Insured Definitions
A B C D E F G H I J K L M N O P R S T U V W Y
O
- Offer
- The submission of an application for insurance or the resulting
response of the insurance company wherein the have evaluated the
risk and propose a premium amount.
- Offer and Acceptance
- Submission of an application for life insurance (including a premium
check) and the resulting issuance of the policy
- Overinsured
- A situation in which the amount of the insurance benefits are
greater than the actual potential damage. In the case of life
insurance, when the insured has coverage for an amount greater that
the human life value.
