Definitions for "Offer and Acceptance"
A legal term describing how a bona fide offer to lease and acceptance of the offer can be binding in certain locales.
a "meeting of the minds," the steps necessary to create a contract
As applied to life and health insurance, (1) the offer may be made by the applicant through signing of an application, submitting to a physical examination, and prepaying the first premium. Policy issuance and delivery, as applied for, constitute acceptance by the company. Or (2) the offer may be made by the company, where no premium payment has been submitted with application and medical. Premium payment on the offered policy then constitutes acceptance by the applicant.
Brokers in Alabama are required to inform both the buyer and seller, at the time that the offer is signed, of approximate closing costs that will have to be paid at the closing. Failure to do so may result in the suspension or revocation of the brokers' license.
Keywords:  ordinary, policy, life
Ordinary Life policy
A written agreement which details the terms and conditions regarding the purchase or sale of a property.