The following documents are used in insurance - Leaving Cert Business - Question 2 - 2006
Question 2
The following documents are used in insurance. Outline their purpose:
(i) Claim form
(ii) Policy
Worked Solution & Example Answer:The following documents are used in insurance - Leaving Cert Business - Question 2 - 2006
Step 1
Claim form
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Answer
The purpose of a claim form is to provide detailed information regarding the loss incurred to the insurer. This document is essential for the insured to receive appropriate compensation for their claim. It outlines the specifics of the incident and facilitates the assessment process.
Step 2
Policy
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Answer
The purpose of an insurance policy is to set forth the terms of the insurance contract between the insurer and the insured. This document clearly defines the coverage, obligations, and exclusions that apply to the insurance agreement, serving as a reference for both parties.
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