Page 62 - IC23 life insurance application

the —— (mode) premium of the within written policy from —— (date) shall be

payable at the rate of Rs.—— instead of the within mentioned.

Date & place

Signature

of the Branch manager

Similarly when a request is received from a policy holder to have changed his

occupation from more hazardous one to less hazardous one, one occupational query

form is got filled and assessed. Such occupations normally relate to electricity,

explosives, mining, aviation, gliding, parachuting etc. After being satisfied that the

present occupation does not entail any extra hazard, the occupational extra is

removed, by placing a suitable endorsement on the policy.

Duplicate policy : A policy document is a valuable document and can be used for

mortgage etc. Loss of policy document does not absolve the insurer from the liability

of payment of policy proceeds when the claim arises. The claim can be settled on

the claimants, furnishing an indemnity bond jointly with one surety.

If a policy is irrevocably lost, a duplicate policy can be issued, after following a

certain procedure. The insurer satisfies itself of the circumstances leading to loss.

Being so satisfied the insurer insists upon an advertisement in a news paper,

production of an indemnity bond and payment of policy preparation charges and

there after a duplicate policy is issued. The duplicate policy is stamped “Duplicate

Policy”.

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