Important Forms Commonly Used by Insurance Companies

Insurance companies use various forms to manage policies and deal with claims. It allows them to handle the clients’ data in an organized way. Here are the forms commonly used by insurance companies.

Insurance Application Form

A client needs to fill out an application form to apply for a certain policy. This form includes basic data of the client, including their personal information. Additionally, the form allows the clients to opt for a specific policy they are interested in.

Policy Change Request Form

Clients often wish to update or modify their insurance policies. To specify the requested modification in an organized way, the clients must fill out a policy change request form. It mentions details like updated contact information of the clients, changes to coverage limits, and addition or removal of insured items.

In addition, the form also contains a section for the clients where they provide reasons for the requested changes. This is an important section since it justifies the modifications so the company approves them.

Claim Form

In case of loss or damage of an insured item, clients need to fill out a claim form. It allows them to request for compensation. The form provides details, such as the policy number, information about the insured items, and details of the damages incurred. The insurance company analyses this information to approve the compensation.

Beneficiary Designation Form

A beneficiary is an individual who receives compensation in case of damage to an insured item or the death of a policyholder. The details of the beneficiary are provided in the insurance application form. However, if a policyholder wishes to update the beneficiary details, the company provides a beneficiary designation form to be filled out. This form may also be used if a policyholder wants to change the beneficiary.

Proof of Loss Form

A proof of loss form provides important information when a client wants to make a claim. It contains details of the incident or accident, a description of the extent of damage, the cause of the accident, and witness statements. Clients may also attach support documents with this form, such as photos or medical records for evidence.

Medical Examination Form

Life or health insurance policies require clients to fill out a medical examination form. It helps companies maintain a record of the health condition of an individual to approve an application or determine the premium rates.

Payment Authorization Form

Insurance policies require regular payments from the policyholders. These payments are usually deducted directly from a client’s account to keep the payment transactions smooth and hassle-free. However, an insurance company first needs permission or authorization from the policyholders before making these deductions. A payment authorization form provides the client’s information, details of the payment amount, and signatures to provide legal authorization.

Policy Cancellation Request Form

A client may wish to cancel a policy at any point. This process is initiated through a policy cancellation request form. It provides details such as reasons for cancellation and refund details.