Accidental insurance is an agreement is which the insurance company promises to compensate or indemnify the loss of goods and life of the insured occurred due to an accident.The insurance company receives premium from the insured for accepting the responsibility of loss.
Procedure For Accidental Policy
1-Proposal:
The person who wants to get accidental insurance gives a proposal form to insurance company after filling it.The information regarding the insured (His name, address and age etc.) is written in the proposal form.If a person wants to get insurance for his motorcar, the particulars of cars, model and engine etc. are recorded or mentioned in the proposal form.
2-Scrutinizing:
The insurance company scrutinizes the information provided in the proposal form (e.g.) age of customer, his medical report and birth certificate etc. If the insurance is of a car, the insurance company can demand the necessary documents like registration book etc. to confirm the insurable interest.
3-Acceptance:
If the insurance company is satisfied with the information and documents provided by the customer, it accepts the proposal of insurance.The customer pays the first installment of insurance premium to make the contract of insurance valid.
4-Issuance Of Policy:
After receiving the insurance premium form the insured, the insurance company issues the insurance policy to the customer.
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