1. In a standard insurance sales transaction involving an applicant, a producer, and an insurance company, which party is the offeree? a. applicant b. beneficiary c. insurer d. producer

Question

UpStudy AI · Accepted Answer

1. The key to determining the offeree in any contract is to identify which party receives an offer and is expected to accept it.

2. In a standard insurance sales transaction:
   - The insurance company is the one that offers an insurance policy by proposing terms, conditions, and coverage.
   - The applicant, who seeks insurance coverage, receives this offer.

3. When the applicant decides to obtain the insurance, their application is considered as acceptance of the insurance company's offer.

4. Therefore, the offeree—in other words, the party to whom the offer is made—is the applicant.

The correct answer is:  
**a. applicant**
The applicant is the offeree in the insurance transaction.

In a standard insurance sales transaction involving an applicant, a producer, and an
insurance company, which party is the offeree?
a. applicant
b. beneficiary
c. insurer
d. producer

Upstudy AI Solution

Answer

Solution

The Deep Dive

Related Questions

Latest Economics Questions