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Outline the purpose of the following insurance forms: (i) Proposal Form: (ii) Claim Form: - Leaving Cert Business - Question 10 - 2015
Question 10
Outline the purpose of the following insurance forms: (i) Proposal Form: (ii) Claim Form:
Worked Solution & Example Answer:Outline the purpose of the following insurance forms: (i) Proposal Form: (ii) Claim Form: - Leaving Cert Business - Question 10 - 2015
Step 1
Proposal Form:
Answer
The Proposal Form serves as an application that must be completed by an individual seeking to obtain an insurance policy. It requires the applicant to honestly disclose all material facts regarding the item or asset that is to be insured. This thorough disclosure is crucial as it enables the insurance company to gather all necessary information to evaluate the risk and subsequently determine the appropriate premium.
Step 2
Claim Form:
Answer
The Claim Form is essential for individuals who have suffered a loss that is covered by their insurance policy. When making a claim, the insured is required to complete this form, which involves providing a detailed account of the incident and a clear description of the loss incurred. This documentation is vital for the insurer to assess the claim and facilitate compensation for the policyholder.