In a Contract of Insurance,the Offer Is Accepted When

question 2

Multiple Choice

In a contract of insurance,the offer is accepted when:

• A)the insurer sends the insured a proposal form (acceptance)following the insured's request (offer).
• B)the insured completes and submits (acceptance)the proposal form sent out by the insurer (offer).
• C)the insurer issues a cover note (acceptance)following the insured's request (offer).
• D)the insurer accepts the proposal (acceptance)submitted by the insured (offer).

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Definitions:

Supply Curve

A graphical representation showing the relationship between the quantity of goods that producers are willing to sell and the price of those goods.

Equilibrium Price

The price at which the quantity of a product demanded equals the quantity supplied.

Sellers

Entities or individuals who provide products or services for purchase in the market.

Market Equilibrium

A state where supply equals demand, resulting in stable prices and quantities in the marketplace.