November 28, 2022

Abstract.

Key documents used in insurance.

 

For proper running of the insurance sector by both insurance companies and insureds, there are some key documents used in insurance that you need to discover.

 

some of these documents may help an individual seeking insurance to obtain an insurance policy they are seeking with ease.

Knowledge about the key documents used in insurance enhances literacy amongst individuals about insurance policies, insurance compensation claims.

 

in addition, these key documents used in insurance also enhance an individual claiming insurance compensation from an insurance company to quickly obtain their insurance compensation.

 

Also these key documents used in insurance also enable individual (s) wanting to open up insurance companies to have a clue know about how insurance operates.

 

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The key documents used in insurance include;

1. Proposal form.

 

This is a document issued by the responsible insured/ insurance company as an application for opening up the insurance policy and it is supposed to be filled by the individual seeking insurance services.

The proposal form is one of the first key documents an individual seeking insurance needs to understand about.

 

The proposal form is filled by an individual (s) seeking insurance and it is the first document to be filled before any insurance services are to be taken into account, and then he/ she returns it back to the responsible insurer.

 

The proposal form contains information like

a). The name of the insurance company

b). The type of the insurance policy one is seeking for

c). Personal details of the individual seeking insurance.

d). Statement of declaration of information provided by the individual seeking insurance.

e). Name, signature of the person seeking for insurance policy.

f). The date the proposal form is signed.

 

2. Insurance policy.

This is also one of the key documents used in insurance, insurance policy is a document that constitutes of the contract in-between the insured and the insurer. it bears all the terms and conditions to be followed in delivery process of insurance services by insurance companies to the insured.

An insurance policy contains information like

a). Personal details of the insured

b). Type of the insurance policy undertaken

c). The insurer’s name

d). What the insurance policy undertaken covers.

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3. Cover note.

Cover note is one of the other key documents used in insurance we are yet to discuss and it is a document issued by the insurer so as to acknowledge payment of first premiums by the insured once the insurance policy has been stated.

 

A cover note contains information like;

a). Name and address of the insurance company.

b). Cover note number.

c). Name and address of the policy holder.

d). Details of property insured.

e). Amount of premiums paid by the insured.

f). Any limitations to the use of the property insured.

g). The signature of the company manager.

 

4. Claim note/ form

Claim note is another one of the key documents used in insurance that shows an evidence that the loss has been submitted to the insurer by the insured.

 

Recommendation.

Before anyone starts to obtain any insurance policy, please first have some knowledge about insurance including the key documents used in insurance as this enhances communication ease in-between the insurer and the insured.

 

The key documents used in insurance listed above are not the only documents used in insurance but they are rather the key ones for obtaining insurance policy and compensation too.

 

Conclusion.

Thanks for reading this article till the end.

Hopefully you have now discovered the key documents used in insurance.

Remember to leave comments at the comments section of their article for purposes of quality improvement in our website content.

 

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