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Proposer is the one who proposes or requests the insurance company to provide insurance. Proposer can be the insured if he/she is taking the insurance policy for themselves. Proposer can differ from insured if a person is taking the insurance policy for their dependents. Hence the proposer may or may not be same as insured depending on the insurance requirement.
An insurance policy is a document that contains the details of the agreement between the insured customer and the insurance company and mentions the details of coverage against the premium charged by the insurance company. The insurance policy is the contract of agreement between the insured customer and the insurance company for a period as mentioned in the policy year. The insurer is obliged to serve the customer with claims or any other requirement during the policy period of the insurance policy.
Sum Insured guarantees financial coverage in case of loss due to an insured peril or an uncertain event such as accident, hospitalization, fire damage, etc. The uncertain event may or may not happen during the policy period. This uncertainty is covered under the term Insurance.
Insurance is a contract between the insured customer and the insurance company in which the insurance company promises to settle the losses of the insured due to insured peril acting at the time of loss or damage in return for a nominal amount known as “Premium”. The insurance contract is valid for a period as mentioned in the policy document and is legally enforceable in case of deviation by either of the parties of the contract.
Sum Assurance in insurance guarantees financial coverage in case of loss due to a certain event; such as death. The event is certain to happen at any time during the policy period where the coverage is applicable. The certainty of happening is covered under the term sum assurance.
Insured Person(customer) is the person who protected by an insurance company when he/she buy/purchase an insurance policy.
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