An insurance proposal is a document presented by insurance companies which lay out the various terms and conditions of different policies to be offered to the customer. There can be separate insurance proposals like car, health or life insurance proposals and also those where all these are merged into a single cover. The insurance proposal must include what will be insured, what will be the premium to be paid and what will be the profits. Since there can be a wide array of offers, the proposal mainly merges all of them to suit the customer’s requirements.

Sample Insurance Proposal:

Name of agency: Harold’s Insurance group

Address: 89 East Hill, Los Angeles

Insurance proposal prepared on: November 28, 2011

Proposal prepared by: Matt Thomas

Agent, Harold’s Insurance group

Proposal submitted on: December 7, 2011

Proposal signed and approved by: George Canning

MD, Harold’s Insurance group

Proposal name: Cover for all scheme

Purpose: The purpose of this insurance proposal is to make the customer aware of the various terms and conditions to be followed and benefits to be derived from this particular insurance policy.

Details of Insurance Proposal:

  • The proposal policy term is effective from December 10, 2011, to December 10, 2015
  • The total annual premium will be $15,000 to be paid in two installments every year.
  • The maturity period of this insurance policy is after 4 years and the customer can renew the policy after the expiry period.
  • The minimum amount assured to the customer is $75,000 and the lock-in period is 3 years.