Page 66 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

As per the Protection of Policyholders Interest Regulation of IRDA, the insurers

must observe the following in respect of the proposal form:-

a. In all classes of insurance except in Marine insurance the contract of insurance

must be evidenced by a written document ie proposal form. The insurer must

submit a copy of the proposal form to the insured within 30 days of the

acceptance of the proposal.

b. Forms and documents must be available in the languages recognised under

Constitution of India

c. Their proposal forms are not used the insurer shall record the information

obtained orally or in writing and confirm with the insured within a period of 15

days. The onus of proof shall rest with the insurer

d. The decision about accepting or rejecting the proposal must be made speedily by

the insurer within a period of 15 days

Common questions covered in all proposal forms

a. Proposer’s name

b. Proposers address

c. Proposers profession occupation or business

d. Previous and present insurance

e. Loss experience

f. Sum insured

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