Insurance Policy Document

Insurance Policy Document It is the proof of insurance. It is a formal legal document that is used as a legal binding for the insurance contract. The policy document is the evidence of the insurance contract and contains all the terms and conditions. Insurance is also a contract of utmost good faith and enforced only in the distant future. It is therefore necessary that the declarations made by both the parties should be put in black and white for future reference. Any suppression, willful and material shall make the contract void. The insured, therefore, has a duty to declare all that he knows answering questions contained in the proposal form and other ancillary documents which may be required by the insurer. The basic four parts of an insurance policy document are; Declaration Page, Insuring Agreement, Exclusions, Conditions. An insurance policy also called a contract of adhesion (yeah, like glue) because you agree to stick to the contract terms and conditions. It is very important to read your insurance policy document to understand; -Ascertain who qualifies as an insured. -Confirm all forms and endorsements are included. -Understand the insuring agreement. -Read the exclusions. -Read the exceptions to the exclusions. -When the policy refers to another section, read that section immediately. Some policy documents are easy to understand others are not. The insurance industry does use language specific to your business, there you will have to work with your agent/broker or you company lawyer to interpret the policy document. If the insured loses the original policy document, a written request must be placed with the insurance company to avoid any frauds. In case of claim, the insured can place the intimation to the insurer using the policy document. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful