How to take out an insurance policy?

How to take out an insurance policy.

• The prospective customer makes contact with the insurance company or obtains an insurance prospectus.
• The risk one intends to insure is discussed with an insurance broker.
• A quotation is issued to the prospective customer.
• The prospective customer fills the proposal form with utmost good faith (Uberrima Fide)
• The proposal form is assessed by actuaries.
• If the risk is accepted:
• A fair premium is fixed.
• A cover note is issued.
• A policy is later issued.

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