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contract of insusance

Contract of insusance

As mentioned earlier, insurance is a contract. To be bound by a risk-taking agreement subject to the occurrence of an unexpected event under the terms of that agreement. In this case, the insurance contract between the two parties is very important. No one is contracted to take the risk in this form without insurance. All three parties are deeply involved in the process of buying and selling a life insurance policy.

Insurance agent
Insurance company or insurance company: – with whom the insurer concludes the contract and assumes the insurance liability as per the contract.

Insurer: – A person who enters into an agreement with the company by paying a certain amount of money at a specified time against the risk of his life.

Insurance Agent: – Acts as an intermediary between the insurance company and the insured to enter into a contract under the terms of providing and receiving insurance benefits. In case of taking risk, the insurance agent or intermediary, on the other hand, the insured must be proficient in all matters. Such as: –

– Inform the insurer about the detailed risk of the policy

-Discussing the product knowing the needs of the insurer.

-Check whether it is suitable for insurance

-To inform the customer about various issues of the company.

-Do not continue the product to the customer like the benefit of the insurance agent.

Insurer: –

-Be aware of your needs

– Don’t be influenced by understanding.

– Multiple product verification sorting

-Cheaking whether the insurance price is in line with the income.

-Whether you have the ability to run short or long term policy.

Insurance companies: –

-Whether established on a legal basis.

-Whether you have the financial capacity to take risks.

– Whether there is a trade license

Who or what can be a life insurance customer
People of any religion, caste, tribe, or group can be customers or buyers of life insurance within the state boundaries. In this case, the insurance agent can conveniently offer anyone as a potential buyer. If he wants to get the offer, he cannot accept the policy. The following aspects are essential for policy issuance: –

1) Whether it is suitable for insurance.

2) Whether there is regular income.

3) Whether the proposal is consistent with the income.

4) Whether the specific plan, term, insurance amount is suitable for him.

5) Whether there is the ability to pay premiums

6) Whether the project is too risky.

6) Whether there is age compatibility with the policy.

6) Whether the information provided by the customer is true and correct.

Above all to see if the organization’s writing affects the guideline.

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