Find out what is Proposal Form and additional documents required to issue the Insurance policy…
What is Proposal form in Insurance
This is a document collected from Insured with all data pertains to Vehicle/Property/Person/Health and coverages required by Insured.
The following are some of the necessary points that should be followed by every Insured
- Each type of Insurance policy have a different types of Proposal Forms.
- Along with form supporting documents should be provided.
- It should be signed by Insured.
- This requires to be submitted by the insured to the insurer before the commencement of cover and at renewal in case of any change required from previous Insurance Policy..
- On renewals, there is no need of taking fresh form, if policy renewed with same Insurer and without any change policy.
- In case of change of Insurer, a fresh proposal is required to be submitted to the new Insurer.
- The Insurers may include additional questions in the form for their information and use.
Main Uses of Proposal Form
- It contains material information required by Insurer for issuing policy
- It contains requirements of insured to issue policy
- At the time of claim settlement Insurer checks with it for Settlement of claim
Additional Documents required
- Motor Policies required Registration Copy and Vehicle Inspection Report required
- Health policies required Health records of Insuring persons and Medical Certificates required in prescribed format of Insurer in case of Senior Citizens / Persons with Previous health issues.