Documents & Conditions Required for Insurance 2023 - insuranceie

Documents & Conditions Required for Insurance

Method of Insurance: How to Insure

It is important to know how to choose any insurance from an insurance company. In this case, you can first get an idea or be informed about the various scheme plans prescribed for the customer from the insurance company's sales representative or their website. If you have decided which flight you will take, then you have to go to the insurance company of your choice and apply for the insurance in the prescribed form. In this case, if you do not know how to apply for insurance in different insurance companies, then click on the link.

After filling the application form you have to submit certain documents along with the form. What documents are required for insurance are given below. At this stage the insurance company representatives will verify your documents.

You have to pay the premium at this stage if you are eligible for insurance after taking a decision from the insurance company. After paying the insurance premium the insurance company F.P.R. Through this, the contract will be finalized. Finally, after the FDR is executed by the insurance company, the customer must collect the insurance document.

All documents required for Insurance

Every official job requires submission of several documents for verification. And long-term financing like insurance will certainly require a lot of paperwork. Those documents are:

• Name-address details of the insured
• Documents proving the customer's occupation
• Detailed income statement of the insurance customer
• The professional address of the insured must be submitted
• Must submit medical and non medical report of insurer
• Urine test report, ECG report, X-ray report, blood test report should be submitted as per insurance amount or age.
• Persons working abroad should submit passport attested photocopy and last Bangladesh arrival stamped page.

Conditions to Get Insurance

The insurance company will pay you for your damages, but they will also have to provide several conditions for that. These can also be called rules. Basically insurance companies have certain conditions for payment of compensation. These conditions are mentioned below.

1) Specific Losses: If you are insuring a car, you will have to do so on a specific sector. For example, if you insure a car against fire, that would be fire insurance. But if somehow your car is stolen, but the insurance company will not compensate for it. Only the insurance company would have paid the compensation if your car had been damaged by fire.

2) Accidental loss: If you have insured any object or person in connection with an accident and the said accident occurs, the insurance company will be obliged to pay you the compensation, but if its investigation somehow proves that it was not an accident but planned or someone's hand, then the insurance Company will not provide compensation.

3) In case of large scale loss it must be reasonable from the side of the insured. If the damage is shown as 20 rupees for an item of 10 rupees, it will not be accepted.

4) Irrespective of the amount of loss, the amount of insurance premium must be within the reach or within the paying capacity of the insured.

5) Amount of loss must be quantifiable: Since not all losses are compensable and the insurance company can only compensate in monetary terms, the potential loss must be quantified in monetary terms.

6) The amount of compensation will be limited in case of natural calamities: For example, the extensive damage caused by floods or earthquakes, insurance companies refrain from giving this amount of compensation because such a large amount of compensation is not possible for any single insurance company.

My comments:

Finally, insurance is a very important project for all individuals and organizations, it not only makes our life easier, but also plays a major role in the economy of the country and improves the quality of life. If you want to know more details about insurance after knowing what is insurance, as well as the correct information about the insurance deal of any company, then you can follow this insurance series of our blog.