Proposal Forms

Akopọ

Before any insurer will cover you, it wants to know exactly who you are, what you own, and what you are asking it to carry. It gathers all of that on one printed sheet: the proposal form. It looks like an ordinary application, yet the small print at its foot quietly turns every answer you write into a promise, and that promise decides whether your claim is ever paid.

In this lesson you will learn what a proposal form is, the five kinds of information it collects, and the work it does for the underwriter who prices your risk. You will see how it puts the duty of disclosure into practice, why the declaration at the bottom matters more than anything above it, and the exact mistakes on a form that let an insurer walk away from a claim.

Awọn Afojusun

  1. Define a proposal form and describe the information it gathers
  2. Explain the functions and uses of a proposal form in the underwriting process
  3. Explain how the proposal form gives effect to the duty of disclosure
  4. Describe the legal status of the proposal form once the contract is concluded

Akọ̀wé Ẹ̀kọ́

A driver in Ibadan fills in a motor proposal form. Where it asks whether anyone else will drive the car, she writes that she alone will. Months later her nephew borrows the car, crashes it, and she puts in a claim. The insurer reads the form, points to her answer, and refuses to pay a kobo. She feels cheated, but the ground was laid the day she signed. Every word on a proposal form can be held against the person who wrote it, because the form is where the whole contract of insurance begins. Learn how it works and you learn where cover is won and lost.

Ìdánwò Ẹ̀kọ́

Oriire fun ipari ẹkọ lori Proposal Forms. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.

Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.

Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.

  1. The document a person completes to apply for insurance cover is the: A. Cover note B. Policy document C. Proposal form D. Renewal notice Answer: C
  2. The person who completes a proposal form is known as the: A. Underwriter B. Proposer C. Broker D. Actuary Answer: B
  3. The clause at the foot of a proposal form that makes every answer a warranty is the: A. Arbitration clause B. Average clause C. Basis of the contract clause D. Excess clause Answer: C
  4. A proposal form gives effect chiefly to the principle of: A. Indemnity B. Utmost good faith C. Contribution D. Subrogation Answer: B
  5. Which of the following is NOT normally a function of a proposal form? A. Supplying information to the underwriter B. Helping to fix the premium C. Paying the claim to the insured D. Providing a record of what the proposer disclosed Answer: C

Awọn Iwe Itọsọna Ti a Gba Nimọran

Principles of Risk Management and Insurance
Principles of Risk Management and Insurance
Atunkọ: Thirteenth edition
Olùtẹ̀jáde: Pearson
Odún: 2016
ISBN: 978-0-13-408257-8
Apejuwe: The standard introduction to risk and insurance, covering risk management, insurer operations and the main lines of life, health, property and liability cover.
Fundamentals of Risk and Insurance
Fundamentals of Risk and Insurance
Atunkọ: Tenth edition
Olùtẹ̀jáde: Wiley
Odún: 2008
ISBN: 978-0-470-08753-4
Apejuwe: A clear account of the nature of risk and the economics of insurance, written for beginning students across life, health, property and liability insurance.
Fundamentals of Insurance
Fundamentals of Insurance
Atunkọ: Second edition
Olùtẹ̀jáde: Himalaya Publishing House
Odún: 2017
ISBN: 978-93-5097-079-9
Apejuwe: An accessible treatment of insurance in four parts: the basics of risk, insurance management, life insurance and non-life insurance.

Àwọn Ìbéèrè Tó Ti Kọjá

Ṣe o n ronu ohun ti awọn ibeere atijọ fun koko-ọrọ yii dabi? Eyi ni nọmba awọn ibeere nipa Proposal Forms lati awọn ọdun ti o kọja.

WAEC SSCE - Insurance - 2017

Ibeere 1 Ìròyìn

(a)(i) What is a proposal form?
(ii) List four general questions that are contained in a proposal form.

(b) List and explain three documents used in effecting insurance contracts. 
 

Wo Idahun