law: Marine Insurance Act, 1963 
  23. When contract is deemed to be concluded 
  A contract of marine
  
  insurance is deemed to be concluded when the proposal of the assured is
  
  accepted by the insurer, whether the policy be then issued or not; and for the
  
  purpose of showing when the proposal was accepted, reference may be made to the
  
  slip, covering note or other customary memorandum of the contract, although it
  
  be unstamped.