Page 42 - Life Insurance underwriting Ebook IC 22

 Form 16A issued by the organization to its consultants / independent
professionals

In case the applied sum assured is not justifiable on the basis of the above mentioned
income documents, the below mentioned evidence can be used to arrive at the
estimated annual income of the life assured. These can also be used to bridge the gap.

 Bank statements
 CA certificates
 Agricultural receipts
 Mutual fund statements
 Vehicle registration papers with vehicle insurance papers having insured
Declared Value (IDV)
 Home- loan repayment records
 Rent receipts along with a copy of lease agreements

6.5 Standard documents for Key man insurance:
 Key man questionnaire duly signed and stamped by the authorized signatory of
the company and countersigned by the key person
 Bio-data of the key person
 Detailed analysis explaining how the life to be assured is a key man for the
organization
 Memorandum of Association and Articles of Association of the company
 Audited profit and loss account and balance sheet of the proposing company
 Details of the latest shareholding pattern of the company
 Copy of the board resolution passed by the company duly signed and stamped
by the authorized signatory having details of the name of the key person/s and
the corresponding sum assured to be applied
 Copy of income tax returns of the proposing company
 Copy of income tax returns of the life assured

6.6 Standard documents for Partnership insurance:
 Copy of deed of partnership duly attested by the partner authorized to sign the
insurance proposal
 Audited profit and loss account and balance sheet of the partnership firm along
with a schedule of the partners' capital account
 Copy of income tax returns of the partnership firm
 Partnership questionnaire duly signed and stamped by the authorized signatory
of the partnership firm and countersigned by the life to be assured

6.7 Standard income documents for Employer-employee insurance:

a) Where the proposer is the employer and the life assured is the employee:

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