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ZIMSEC O Level Commerce Notes: Insurance: 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.

To access more topics go to the Commerce Notes page.

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