What’s the difference between a Statement of Fact and a Proposal Form?
Traditionally, the client has completed and signed a proposal form when taking out insurance. A Statement of Fact is pre-filled (in this case via NIG Network) with information supplied to you by the client and is sent to him to confirm the details are correct. Unlike a proposal, the client doesn’t have to sign it. He also doesn’t have to respond unless any of the details are incorrect, in which case he must provide the correct information. This revised information may or may not influence the underwriting of the case, much as the return of a proposal providing previously undisclosed information does at the moment.
Related Questions
- I have printed the Statement of Fact/Proposal Form, Direct Debit mandate, New Business Schedule and Employers Liability Certificate in my office how do I get a Policy Document to go with it?
- Can a consultant propose more than one year of system operation and maintenance costs on one proposal form?
- What’s the difference between a Statement of Fact and a Proposal Form?
