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CHAPTER 7
INSURANCE DOCUMENTATION
Chapter Introduction
In the insurance industry, we deal with a large number of forms, documents etc.
This chapter takes us through the various documents and their importance in an
insurance contract. It also gives an insight to the exact nature of each form, how
to fill it and the reasons for calling specific information.
Learning Outcomes
A. Proposal forms
B. Acceptance of the proposal (underwriting)
C. Prospectus
D. Premium receipt
E. Policy Document
F. Conditions and Warranties
G. Endorsements
H. Interpretation of policies
I. Renewal notice
J. Anti-Money Laundering and „Know Your Customer Guidelines
After studying this chapter, you should be able to:
a) Explain the contents of proposal form.
b) Describe the importance of Prospectus
c) Explain the premium receipt and Sec 64VB of Insurance Act, 1938
d) Explain terms and wordings in insurance policy document.
e) Discuss policy conditions, warranties and endorsement.
f) Appreciate why endorsements are issued.
g) Understand how policy wordings are seen in courts of law.
h) Appreciate why renewal notices are issued.
i) Know what Money Laundering is and what an agent needs to do regarding
Know Your Customer guidelines.
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