This glossary is arranged in alphabetical order. Click on a letter in left column or scroll down to search.
< O >
Offer and Acceptance:
The applicant signing the application, paying the first premium and, if necessary, submitting to physical examination may make the offer. Policy issuance, as applied for, constitutes acceptance by the company. Or the company may make the offer when no premium payment is submitted with the application. Premium payment on the offered policy then constitutes acceptance by the applicant.
The age you were when you bought the policy.
This is the person who owns the asset. With respect to an insurance policy, it is usually the same person as the insured but it could be someone else who has the permission of the insured to be the owner, like a spouse, a common-law-spouse, an offspring, a parent, a corporation with insurable interest or a business partner with insurable interest. In order for someone else to be an owner of your policy, they have to have a legitimate insurable interest in you. Ownership may be assigned or transferred by written request of current owner.
Back to top