Inquiring about the best Insurance company. This is the act of finding out the best company for insuring the property of a person / business. It takes place after developing an idea of insuring something. An inquiry can be done by the would be insured either through approaching different insurers or through approaching middlemen i.e brokers and agents.
Deciding on which insurance company and type to get along with Checking the budget and deciding on the money to pay for insurance
Filling and signing an insurance application form called a proposal form. It includes the names of the applicant, location and address, Insurance Policy and any other relevant information.
Calculating of premiums. Basing on the information given in the proposal form, nature of the risk to be insured, value of the property and duration to be paid by the entrepreneur.
Issuing an insurance Policy. Depending on the policies of the insurance company, a month after payment of the first premiums an insurance policy will be issued. This is a document that represents a contract between the insured and the insurer in respect to their insurance arrangement
Filling a claim form. This principle of proximate cause will be used here. This gives full details of loss which must be correct. The basic claim form has be filled and submitted by the insured, the insurer then assesses the extent of the loss. On receipt of the survey report, insurer pays due to compensation.
Surveying of damaged property. The insurance company after receiving the claim form may arrange for the survey of the property in order to assess the extent of the loss. The company sends loss assessors who prepare a survey report and submit it to the insurer.
Payment / compensation imply the end or termination of the insurance contract. If the person desires fresh protection to be arranged, a similar procedure will be followed to get fresh insurance cover.
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