What does Accept mean? Read on to discover the definition & meaning of the term Accept - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Accept.