Document background
The Insurance Proposal Form is a crucial document in the Philippine insurance industry, serving as the initial step in establishing an insurance contract between the insurer and the proposer. This document is required under the Insurance Code of the Philippines and must comply with regulations set by the Insurance Commission. The form is designed to collect comprehensive information about the proposed risk, whether it's life, health, property, or other types of insurance. It includes sections for personal information, risk details, beneficiary information, and various declarations required by law. The accuracy of information provided in this form is critical as it forms the basis of the insurance contract under the principle of utmost good faith (uberrimae fidei). The document must be completed before any insurance coverage can be provided and serves as a key reference during policy issuance and claims processing.
