Documents

The main insurance documents include: Proposal Form Claim Form Policy

Proposal Form

A proposal form is an application form for insurance or assurance.  All questions must be answered truthfully.  The type of questions asked on a proposal form will vary depending on the type of insurance or assurance being taken out.  The principle of utmost good faith applies. If this principle is broken it means that if a claim arises the insurance company will not have to pay out compensation.

Claim form

If an insured loss occurs in order to claim for compensation a person must fill out a claim form.  There are 3 types of claims:

• Personal - where the insured has suffered an injury;

• Loss or damage – where the insured person’s property has been lost or damaged;

• Third-party – where someone other than the insured has been injured.

Policy

This is a contract between the insurance company and the insured.  It gives details of the risks covered and any conditions attached to the policy.  It is prepared by the insurance company.