- 1 Marks
Question
The party that accepts the offer in a general insurance contract is known as:
A. Insurer
B. Insured
C. Agent
D. Broker
E. Intermediary
Answer
A
Explanation:
The correct answer is A. Insurer. In an insurance contract, the insurer is the party who accepts the terms of the insurance offer, thereby entering into a binding agreement with the insured. The insured provides coverage, while the insurer agrees to pay premiums in exchange for protection against specified risks.
- Tags: Contract Law, Insurance, Offer
- Level: Level 1
- Topic: Agency Law
- Series: MAY 2018
- Uploader: Theophilus