offeree

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1. in life insurance, receipt by a company of an insurance application accompanied by the first premium.


2. in property and casualty insurance, a company’s receipt of an application.

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One who receives an offer. Generally a buyer offers a purchase contract to an owner, which makes the owner the offeree. When the seller offers a contract to a buyer, the buyer is the offeree.

Example: Brewster offers Smithton a contract in which Brewster offers to pay $120,000 for a property. Smithton is the offeree.

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offeree

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IN BRIEF: One to whom something is presented for acceptance or rejection.

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