1. Proposal form: First proposal form must be filled by the proposer. This form is available in the office of insurance company or its agent. Generally name, age, address, occupation, father’s name, gender, nominee’s name etc are expressed in the proposal form.
2. Agent’s report: In the report agent has developed a statement in which heath condition of the proposer. His/her nominee and sources are explained. The agent sends his report to the insurance company. And the company studies the report before accepting the proposal.
3. Medical examination: Doctor conducts the medical examination of proposer. After checking the health of proposer, doctors develop the report and sends to the insurance company. According to the study of this report, insurance company decides about the insurance.
4. Proof of age: The age of individual who want to do insurance is very important because age is the major factor of death. On the basis of age the insurance company determines the premium rate. Sometimes, insurance company doesn’t believe on the age of the proposal form, the proposer has to submit the certificate in which the date of birth is identified.
5. Acceptance of proposal: The insurance companies accept the proposal only after studying all the information about the proposal from, personal statement, proof of age, report of the agent and report of doctor are studied. It must be doe very carefully.
6. Payment of first premium: If proposer is not agreed about the rate of premium and other condition, s/he doesn’t pay the first premium. The rate of premium is then determined and is paid b proposer to insurance company. Only after the payment of premium the insurance is considered valid.
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