MANAGEMENT

Detailed explanation-1: -A proposal form is the form completed by the policyholder when applying for insurance. You will need to fill in information about the risk you are insuring e.g. the rebuild cost of your house or type of car you own.

Detailed explanation-2: -When applying for insurance, a proposer has to fill out the proposal form of the life insurance company. The Insurance Proposal is an important document which provides the details of the proposer and the life assured and which is used as a basis to ascertain the insurability of an individual.

Detailed explanation-3: -Insurance policy document is 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.

Detailed explanation-4: -The proposer is the applicant, owner and payer of premiums under a policy. Whereas insured or life assured is the person whose life is covered. Thus, the proposer doesn’t need to be insured under the policy purchased. For example: If you buy a policy in your name, you are the proposer and the insured.