When an individual or a business wishes to take out an
insurance cover the following are the procedures:
1. Should first contact the insurance brokers and tell
about the proposal
2. The insurance brokers make a slip and forward it to
the underwriters
3. The underwriters scrutinize the slip and express their
willingness to undertake the risks
4. Then the brokers give the proposal form to the person
who wants to take insurance cover
5. The individuals or the businesses should furnish all
the true information along with the necessary supporting documents with duly
filled proposal form and forward it back to the brokers
6. Sometimes the brokers themselves assist the individual
and the business in the process of documentation
7. After a thorough inspecting of the proposal form the
underwriters ask the insured to pay the first premium
8. The underwriters prepare a provisional certificate
confirming that the risk has duly been undertaken by the insurance company. The
provisional certificate is known as cover note.
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