General insurance How can we describe Slip under Insurance?

[Mataracy]

A slip is an alternative to the proposal firm in some policies e.g marine and aviation. Slip does not ask question like proposal form.
It is a piece of proper prepared by an insurer or insurance brokers which gives details of the subject matter of insurance. It is not prepared inform of questions like the proposal form but just the vital information about the risk being proposed for insurance. It performs the same functions as the proposal form in that it gives the insurer the g information to assess the risk and decides whether or not to accept the risk or not . Unlike the proposal form, the rate of premium will be stated on the slip and the underwriter is only expected to sign and indicate the proportion or Percentage of its acceptance. As earlier stated, slip is used at Lloyd's marine and aviation insurance.
The slip contains the following information.
(1) Name and address of insured
(2) Sum insured and limit of indemnity
(3) situation, description and location of the risk
(4) Type of cover required
(5) Period of insurance
(6) Any special conditions or terms
(7) The expected premium
At the end of these information each underwriter is expected yo sign and indicate the proportion or percentage of the risk he is ready to take and the premium expected.

 

[btaliat]

What I know about insurance is that it involves a lot of documents that needs to be taken care very well because of each of these documents has what it means and it's usefulness. The best thing is to have some private insurance agents to be putting one through because this may be too cumbersome for newbie.