Business Insurance Insurance Documents and Documentation

[Mataracy]

Just as we know that insurance contract is not quite different from other commercial contracts in that all the condition for a valid commercial contract apply to insurance contract. There must be offer and acceptance , consideration (whether to take or consider the contract or not) etc.
Contracts are not formed on verbal agreement because oral statement can be denied ( i.e people can latter said they don't say anything like that again) . And for a written agreement to be made, documents must change hands.
In Insurance , various documents are used before the formation of the contract, during the currency of the contract and even at the the of claim.
It has also been mentioned that insurance involves the selg and buying of invisible products. The question therefore is how will the seller (insurer) sell its products and how will the buyer (insured) know what to buy. Both of them must be given enough information in order for them to comply with the rule of offer and acceptance .
The following documents are normally used in a contract of insurance.
(1) Proposal Form
(2) Slip
(3) Debit and credit note
(4) Receipt
(5) Cover note
(6) Certificate of insurance
(7) Policu Documents
(8) Endorsement
(9) Renewal Notice
(10) Claim Form
(11) Discharge Certificate or Voucher.
This are what Insurance Documents and Documentation entails.

 

[btaliat]

There is no legal binding that won't require some documents in order to back it up legally. Insurance is one of the investment that needs not only documentation it genuine documentations to back up any activities up. This is because it will truly help in case the insured person dies.

 

[Mika]

Documents you need depend on the kind of insurnce you re trying to buy. If you are buying life insurace policy, you need to submit a copy of your government ID, medical report and income source. If you are buying auto insurance, you need to submit the copies of your documents such as registration papers.

 

[Bookwormlux]

There is also a need to have a lawyer who would make sure that the insurance companies do what is expected of them and sign all the necessary documents to show the agreements made and what would happen in should in case the person dies before they get to benefit from the insurance.

 

[Setho]

One very important thing that I would always advise people to try to include in the paper works for their insurance is something like a legal binding. With the way in which insurance companies are known to trick their customers it is very important that you invite your lawyer to be able to put in something that will ensure you are not being cheated.