Page 72 - Ebook IC S01
P. 72
Survey And Loss Assessment IC-S01
b. Under coinsurance the insured has contractual relationship with all insurers. In
reinsurance he has no such relationship with the insurers.
c. Coinsurance involves proportionate basis. However reinsurance maybe on various
bases like quota share, surplus, excess of loss etc
Renewal notice
It is not mandatory for the insurance company to issue renewal notice. However
they send the renewal of notice as a matter of practice. Usually the insurers issue
a renewal notice one month in the advance of the date of expiry.
No risk can be assumed unless the premium is paid in advance
Questions are generally common in all proposal forms
a. Proposers Name
b. Proposers address
c. Proposers profession, occupation or business
d. Previous & present insurance
e. Loss experience
f. Sum Insured
g. Signature, Date etc
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