Page 21 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
P. 21
Chapter 5 Law of Contract II
The proposal form contains all personal and professional
information about who the proposer and the details of the
insurance cover desired.
The replies given in the proposal form by the proposer are
treated as warranties.
Types of proposal forms: proposal for insurance on life,
proposal for insurance on the life of another, proposal for
insurance on the life of children, joint life proposal, nomination
forms, proposal for annuities, proposal for a pure
endowments, capital redemption and sinking funds
The three essentials of an insurance contract are definition of
the risk, premium and amount of insurance.
Prospectus issued by an insurance company describes briefly
the plans of insurance, highlights the benefits and the rates of
