Subscription

The act by which a policyholder applies for and enters into an insurance contract. It refers to the client-initiated process of requesting coverage and completing the required documentation prior to the issuance of the policy.

Synonyms :

• Application – mainly used in the US market
• Underwriting – incorrect usage: this term refers to the insurer’s internal process of assessing and accepting the risk, not to the policyholder’s act of subscribing