Definitions for "Acceptance Letter"
The Acceptance Letter issued by an insurance company in response to a proposal is deemed a counter proposal, acceptance by the proposer being by payment of the first premium.
An offer letter that contains all terms and conditions of life assurance.
The letter submitted by the loan applicant indicating his willingness to accept the loan as per the terms of issue mentioned in the sanction letter. This letter is normally sent out within a particular time frame varying between 1-3 months from the date of the sanction letter.
Accrual Basis Administrative Fee
A document signed by a construction loan borrower stating that all work is complete and of acceptable quality.