Insurance

Documents
PRESENTED BY:
NEHA(21067)
PRABHJOT KAUR(21068)
DIVYA GARG(21070)
PRESENTED TO:
DR. NAVKIRAN SINGH
Cover note

 Evidence of protection for a temporary

period of time.
 Provides usual coverage as in
standard policy: the contract is subject
to tariffs, warranties and special
clauses.
Cover note
The Contents
Certificate of insurance

 Normally issued when insurance is made compulsory(Motor

insurance)
 It certifies that the insurance is issued by a certified insurer.
 As an evidence of insurance to police and motor vehicle’s
registration authority.
Policy Forms

 Is a document drafted by an insurer.

 Is not a contract but as a written evidence.
 Need to be stamped
 Issued as a scheduled type
The contents

  Heading : full name and address of the insurer

  Preamble/recital clause : introduces the parties to the
contract
  Operative/insurance clause : specifies the perils insured
and the circumstances the insurer will become responsible
  Exclusions : restrictions on the scope of insurance
The contents

  The schedule : information applicable to a contract –

insured’s name and address, premium, policy no., date of
issue, risk covered, period of insurance
  Attestation/signature clause : signature of an authorized
official of the insurer
  Conditions : regulates the contract – express conditions,
implied conditions
DISCHARGE LETTER
  When a claim payment is settled, insured’s is required to
execute a discharge
  To avoid the possibility of any further claims on the loss
The insured declared that he : -
 Has received a sum of money from the insurer
 The money received is in full satisfaction of his claim
The third party : -
 Has received a sum of money form the insurer
 The money is paid on behalf of the insured
 The money received is in full satisfaction
Settlement not by cash : -
 repair, reinstate or replacement has been effected
 The work was carried out to the satisfaction of the claimant
Claim Form

 Documents used to gather information relevant to assess

claim : insured identity , insured interest of loss,
circumstances and extent of loss.
 It does not constitute admission of liability of the insurer.