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A lot of paperwork has to be done before and after buying an insurance policy. And the very first paper or form that you would need to fill up is a proposal form.
So, what is a proposal form in insurance? As the name suggests, it is a form that you fill and submit to propose something. This means the initial task of buying insurance is to present a proposal. One may propose it verbally, or by writing a letter. But most of the time, when you visit an insurance company, an agent would give you a form to fill.
You may wonder what the form is about. The form asks you basic questions as well as requires you to answer some specific questions depending on the insurance you are buying.
Let us look into some basic questions that you would be asked in the form:
This is only the very basic information. Depending on the insurance policy you are going to buy, a lot more details should be provided in the proposal form.
For example, if you buy car insurance, you need to explain the model, when you purchased it, the price of the car, etc. On the other hand, if you are buying life insurance, you have to mention your age, medical conditions, a brief about the nominee, etc.
Most proposal forms include information about the proposer’s physical health. Also, you have to sign the proposal form with the date. The signature of the insurer’s agent should be present too.
Besides, the form includes some terms and conditions as well as has some declarations. For example, it says that the information you have provided is required to be correct. It also mentions that the premium amount has to be paid by the proposer and so on. You must go through these terms, conditions, and declarations before signing the form.
And now the proposal form, with all your information would go for underwriting. Underwriting is a process to check the proposer’s eligibility to receive the insurance benefits. Once it is done, you are all set to enjoy the insurance benefits.
Therefore, make sure to fill up the proposal form carefully and provide genuine information with adequate reasonings so that the company approves your proposal.