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.
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