What does Acceptance mean? Read on to discover the definition & meaning of the term Acceptance - to help you better understand the language used in insurance policies.
Acceptance is when two parties agree to the terms of a contract and the process of carrying out this contract begins. In the context of insurance, acceptance generally happens when an insurer reviews a prospective policyholder's offer, and sends him or her a policy. Sometimes, acceptance doesn't begin until the first premium is paid.
We hope the you have a better understanding of the meaning of Acceptance.