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The four main documents which form the basis of the whole insurance transaction are ;-
1/ Proposal form .
2/Policy .
3/ Endorsement .
4/ Claim form .
When the insurance applicant ( buyer ) ask the insurance company ( insurer ) to insure specific risk against future losses and identify the type of coverage he needs . The insurance company 's underwriting department to write the insurance policy , process will be as hereunder :-
1/ The insurance applicant ( buyer ) fill a proposal form to provide the insurance underwriter full details and particulars that he needed about the risk
2/ The insurance underwriter will study and reviews the proposal form to assess and evaluate the eligibility and risk factors of insurance applicant , then fix the rate and conditions of insurance accordingly .
3/ The insurance underwriter submit the offer , the rate and conditions to the applicant .
4/when the applicant reject the offer insurance process end and file closed .
5/When the applicant accept the insurance company offer , the company will complete the insurance and reinsurance process , so write and issue the insurance policy, consequently the applicant became an insured and hold the insurance policy upon payment of the corsponding premium.
6/ The insured will only need to contact his insurer in the following circumstances :
a/ When he suffer a loss and file a claim requesting reimbursement.
b/ When he wish to amend his insurance particulars during the course of the insurance period by endorsement .
c/ At the end of the insurance policy for renewal .
Hope Iam of assistance .
Regards .
