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This states that insurers pay no more than the actual loss suffered. The purpose of an insurance contract is to leave you in the same financial position you were in immediately prior to the incident leading to an insurance claim.

Insurance Documentation means the plan and any schedules and endorsements, the application or proposal form, statement of fact, and all other relevant documents.

Documentation protects against errors and fraud Lack of accurate and comprehensive evidence makes insurance claims messy. Out-dated methods of documenting a loss with hand-drawn sketches and a few quick digital photos leaves everyone in the dark.

Documentation plays a crucial role as it makes it easier to manage things. Insurance documents are one of the most important because the last thing you need is a claim rejection or claim delay. It is the responsibility of every insured to keep the insurance records safe so that we minimize as much risk as possible.

Identity proof of the proposer and/or the life insured. Address proof of the proposer. Medical examination report of the life insured if required by the policy because of the age and/or the sum assured chosen. Income proof of the proposer if the sum assured and/or the premium of the policy is high.

Insurance is a financial safety net, helping you and your loved ones recover after something bad happens — such as a fire, theft, lawsuit or car accident. When you purchase insurance, you'll receive an insurance policy, which is a legal contract between you and your insurance provider.

Insurance policy documentation comprises details of the agreements between your company and the insurance agencies including: Policy Details: Policy number, nature of each policy (such as accidental and medical) and start and end dates of each policy.