With the answers to these questions, you can select a policy that works for you. Then engage the insurance company, agent or broker. You will be required to fill in forms providing details about yourself and what you want to insure. Be honest as you provide the information so that the insurer can correctly assess the risk and charge the correct premium (do not undervalue or overvalue what is to be insured this presents challenges when a claim arises).
It is important to note that the content in each policy will depend on the type of insurance being taken, for example, a motor vehicle insurance policy and a home insurance policy will cover different issues since what is being covered is obviously different.
This sets out the parties in the agreement, that is, the insured customer and the insurance company, the policy dates, the policy type and premium payable
This provides description of words that have particular meaning within the context of the insurance cover.
This outlines what the policy does not cover. It is also a way of clarifying what is covered.
This section covers the promises made by the insurer as well as the responsibilities of the insured customer. It covers issues such as dispute resolution, cancellation, claims process and others.
This section of the policy can add coverage, modify coverage or restrict or exclude coverage.
This forms part of the policy and is a summary of key information in the insurance policy