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The method of procuring life insurance policy is very simple. The main steps involved in effecting the life insurance policy are as follows:-
1- Selection of the company
A person who wants to get his life insured must select an insurance company which has a good credit standing.
2- Proposal
The person desirous of being insured has to fill a proposal form. He has to abide by the basic principles of insurance explaining the true facts.
3- Medical examination
The company on receipt of the proposal form will get will get that person medically check up. On receipt of the doctor's report the company will consider the proposal.
4- Acceptance of the proposal
On receipt of the medical form and the satisfactory report, the company will issue a letter of acceptance requesting to complete the transaction at the earliest so that the protection and security guaranteed by the policy is issued to him by the company.
5- Payment of premium
The risk of life is covered from the date, the premium is paid.
6- Issue of policy
On receipt of the premium, the executive director of premium company issues life insurance policy of the insured which states name, policy number, commencement date, maturity date, amount of premium and name of the nominee.
1- Selection of the company
A person who wants to get his life insured must select an insurance company which has a good credit standing.
2- Proposal
The person desirous of being insured has to fill a proposal form. He has to abide by the basic principles of insurance explaining the true facts.
3- Medical examination
The company on receipt of the proposal form will get will get that person medically check up. On receipt of the doctor's report the company will consider the proposal.
4- Acceptance of the proposal
On receipt of the medical form and the satisfactory report, the company will issue a letter of acceptance requesting to complete the transaction at the earliest so that the protection and security guaranteed by the policy is issued to him by the company.
5- Payment of premium
The risk of life is covered from the date, the premium is paid.
6- Issue of policy
On receipt of the premium, the executive director of premium company issues life insurance policy of the insured which states name, policy number, commencement date, maturity date, amount of premium and name of the nominee.
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