Do you know what the insurance contracting application is? And a letter of guarantee? I’m explaining these concepts and many more.
When contracting a policy with an entity insurance carrier, it might be difficult to distinguish the various insurance contracting paperwork.
A good wording of these documents will help the managers involved in taking out insurance to understand them and will avoid future controversies regarding their interpretation, thus avoiding judicial and extrajudicial processes for resolve conflicts.
Before proceeding, you should know what types of insurance you can use. Next, here are some documents that you need to take out insurance.
It is the document by which the policyholder expresses his desire to take out a policy. ThisapplicationIt is not binding, since the request for information can be made to several insurance companies at the same time, so that the interested party can analyze and decide which proposal best suits their needs.
However, the recruitment request doeswill oblige the insurerfor at least 15 days from the moment the entity issues the insurance proposal.
It is the budget where the insurance company describes the insurance conditions , taking as a reference all the data provided by the applicant after completing the application.
To avoid coverage risks in future claims, it is important that the applicant act in good faith in completing the data that is being requested by the insurance company.
It is the document that contains the rights and obligations of the parties involved in the insurance . Specifically, reference the general, special and particular conditions of the insurance, as well as the supplements and annexes, if any. It is one of the most relevant documents, being the contract.
Individual certificate of insurance
In a collective policy, it is the document the insurer gives the insured that attests to a signed insurance contract. It usually specifies the sums or insured benefits, compensation, coverage, premium, as well as those cases covered by the insurance policy to which the insured of the collective policy belong.
Normally, in these certificates, the policyholder is usually a legal person and the insured a group of people who share a common relationship with said policyholder (for example, abusinessand their workers).
The certificate is like a receipt for insurance, whereas the policy is like a contract. Furthermore, the clauses are not usually included in it, though it may occasionally refer to specific contracting conditions.
It is proof of insurance payment . In itreceiptthe amount of the premium, the taxes and legal surcharges that must be applied, the policy number and the period of validity of the insurance must appear.
If the validity period of the insurance that appears in this document corresponds to the first annuity of the policy, we will be talking about a receipt of newly produced premiums, while if it corresponds to the payment of premiums for an insurance that already existed previously it will be a portfolio receipt.
Insurance guarantee letter
It is a provisional document that an insurance company can provide at any given time and that serves as a guarantee of the existence of certain insurance coverage.
Normally, this type of document is issued when the policyholder or insured urgently needs it, in order to justify the existence of insurance on a certain risk. It is usually delivered when the insurance company has not had enough time to issue the policy.
7 situations that your insurance covers and you don’t know
Do you have the feeling that the insurance you take out does not help you much? Perhaps you do not know to what extent they cover you in your day to day. We tell you!
Perhaps you have the feeling that you never take advantage of the insurance you take out and, ultimately, your insurer never ends up paying anything.
Probably the explanation is that you do not know what kind of setbacks it protects you from and to what extent you have the right to claim. If this is your case, pay attention! We explain most insurances usually cover.
1. Incidents at sporting events
Participation in large sporting events, such as marathons, is in fashion. Imagine that during a popular race you suffer an accident or even injure a member of the public.
You should know that this type of situation is common to be covered by the insurance that the organizer has . This insurance could cover medical assistance for injuries suffered and even civil liability derived from any damage that the participants may cause during the event.
2. Falls on the bus
If you take the bus to go to work and after a sudden stop, your computer falls and breaks, you could ask the transport company to take charge of the damage caused.
Also, in the event that you trip when going down the stairs and break your arm, you should know that you can go to your company’s mutual insurance company, since health care can cover you, including the rehabilitation sessions that you may need since the fall has taken place on the way to work and is considered awork accident.
3. Mobile phone accidents
Perhaps, when you go to the bathroom, you will not remember that you had your phone in your pants pocket and, inevitably, it ended up in the toilet.
Or you dropped it on the floor and stepped on it, smashing the screen. Before cursing your bad luck, think about whether you had taken out any specific type of mobile insurance when you bought it . Sometimes, the operators themselves include packs with coverage for this type of incident.
4. Children’s pranks
Maybe you’re weary of scolding your youngster for playing with the ball and worried he’ll smash your neighbors’ windows.
If you have home insurance with civil liability coverage , you can stay a little calmer. If a ball breaks the glass, the insurance is liable for any third-party damages caused by family members. This includes pets too!
5. Contingencies abroad
Even if you did not take out insurance coverage when you bought the flight ,Travel Assistance, you should know that some home insurance include it.
If your kid requires hospital treatment while traveling overseas, you may make a claim with the insurance company.
6. Theft of jewelry
If they break into your house and steal the earrings that you inherited from your great-grandmother, you most likely will not have any invoice or an appraisal from a jeweler.
In this case, remember if you have photos of the jewel in question so that the expert can assess it according to the standard fees and the characteristics of your house. If you have theft guarantee house insurance, this is doable. Reviewing the insurance policy’s terms is crucial as it may have a limit.
7. Unfair traffic ticket
Many automobile insurance policies include legal aid to fight penalties if you think you did not commit the traffic infraction.
If you want to get insurance, they are some of the papers that are going to be most necessary to you. Hence how crucial it is to be aware of any insurance policies that may have been in place that might potentially rescue you in the event that you are unaware of their existence.