Kathmandu. Life insurance requires the active role of the proposer, the agent and the insurance company. The formal phase of life insurance begins when a person is planning to buy life insurance or when an agent has encouraged him to buy insurance.
The proposer has to decide which company to buy the insurance plan from which company on the recommendation of the agent or voluntarily. After making such a decision, you should complete the step of filling up the insurance proposal form from the agent you are in contact with or the branch office of the chosen insurance company. Along with the proposal form, the customer has to fill in the required details including the Insured Identification Form (KYC) and give it to the insurance company.
Customer identification process{
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The insurer of the KYC form received along with the proposal first enters the details of the applicant including name, surname, gender, age, address, profession, e-mail, mobile number, bank account number, citizenship or national identity card number in the software. After this is done, the software issues the customer identification number and all the details related to the rest of the insurance policy issuance process are integrated into the software in such a way that it is integrated through this identification number.
Risking process
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Based on the details mentioned in the proposal form, the branch manager and the risk assessment department of the insurer make a preliminary assessment of the risk attached to the insurance proposal and suggest to go to the designated health institution or laboratory for health examination if the health examination report is required as per the prescribed criteria. In the course of assessing the risk, the source of income of the insured, the risk of the profession, the stability of the profession, the age, health status, purpose of the insurance etc. are carefully examined and decide whether to accept the proposal or not.
The insurer completes the underwriting process in the case of the insured who does not require the health examination report as per the predetermined criteria and decides whether to insure or not on the basis of medical consultation after receiving the report in case of a health examination report.
Reinsurance process{
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In case of an insurer exceeding the retention limit on the risk of life insurance, the insurer should seek support from the reinsurer. Once the risk assessment report of the policy is made available to the reinsurer, the proposal is approved only if the reinsurer gives its consent. Otherwise, the insurer refuses to insure. Apart from this, the insurer also suggests that the insured should reduce the sum insured and insure only a small amount.
Steps to issue insurance
Once the decision is made to accept the insurance offer, the life insurer will inform the insured to deposit the amount of the premium first. The insured has to confirm the amount to be paid for the insurance policy and deposit it in the bank account of the insurer. The amount should be paid by bank account, cheque, digital payment or online transfer.
Actuarial Transfer{
After receiving the premium payment, the life insurer issues the policy. After the issuance of the policy, the insurer informs the insured through e-mail and SMS. After preparing the insurance file, the insurance company hands over the first premium receipt and policy to the insured or proposal. When the insured is away, the insurer’s employee or agent himself delivers the policy to the insured’s doorstep.
After paying the insurance amount, the insured should immediately get the insurance file from the insurer or agent. If you do not get the file, you should ask the insurer’s office. In the case of cash payments, sometimes an employee or agent of the insurer may have used such money for personal work. Therefore, the insured should be careful to prevent this from happening.
Info
At the time of handing over the insurance file, the agent or the insurance staff should inform the insured about the terms and conditions of service of the policy. In addition, information about how much and how to pay the insurance premium should be made easy. In this way, the insured will not forget to pay the premium or will not be deprived of the benefit.
Since the documents of the insurance policy are necessary to claim the services and facilities of the insurance, the insured should keep it safely.
