Procedures of Effecting Life Insurance

First procedure is, Selection of policy: First of all, the person who is interested in taking a life policy, known as prospect or proposer, should select a suitable policy according to his own requirement from the varied policies offered by life insurance companies. Second, filling up a proposal form: After selecting the product to be taken, the prospect is required fill up a proposal form. Then, Proof of Age: The proposer will have to produce proof of age along with the proposal form. Then, Medical Examination: Once the proposal form is submitted with the life insurance company, the proposer will be asked to undergo medical examination. Then Agent’s confidential report, acceptance of proposal, payment of first premium and issue of policy. These are the procedures to be followed for effecting life insurance.