Buying Insurance? Fill the Proposal Form Carefully

An Insurance Policy is an agreement or a legal contract between the insurer, the insurance company, and the insured or the policyholder/proposer. It is based on the information the insured provided in the proposal form, making it the most important part of the entire contract. An insurance company offers a policy on the basis of a proposal form and other information related to the insured detailed therein. To do so, the insurer seeks all the relevant information from the proposer in order to underwrite the risk.

The proposal form includes

  • basic information such as address, age, name, education, income, etc;
  • other information like occupation, medical history, lifestyle habits like smoking/drinking, etc.