3. What is an Insurance Contract?
An insurance policy is a legal contract that is
agreed upon by two or more parties. The
purpose of insurance is to indemnify the
insured, or to bring insured back to the same
financial position insured were in before
insured suffered the covered loss.
7. INSURANCE DOCUMENTS
PROPOSAL TILL COMMENCEMENT
Proposal form
Agent report
Medical report
Personal statement
Special questionnaire
Proof of age
Deposit receipt
8. CONTINUED..
AFTER COMMENCEMENT
Policy document
Every year renewal premium receipt
Renewal notices
Endorsement
Bonus notices
Need analysis form
Prospectus.
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22. PARTS OF INSURANCE
CONTRACT.
Preamble
Days of grace
Entire contract clause
Misstatement of Age clause
Reinstatement clause
Suicide clause
24. INSURANCE ENDORSEMENT
An insurance endorsement is a change to the
insurance policy. An endorsement adds to or
restricts coverage. It is not part of the original
policy. When an endorsement is added, it
becomes a legal part of the insurance policy.