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Who is a Proposer in Insurance?

 Deferment Period Under a Child Insurance


Insurances are a type of contract between two or more parties in which one party agrees to pay the other party a sum of money in exchange for protection against a specified loss. The party paying the amount is the insured, while the party receiving the premium is the insurer. The contract is typically between an insurance company and an individual or business.


Meaning of Proposer in Insurance

A proposer is an individual who applies for insurance coverage. The proposer signs the insurance policy and is responsible for paying the premiums. The proposer may propose to get themselves insured or another person on whose life they have an insurable interest.


The proposer is the party who initiates the insurance contract by submitting a written application to the insurer. The proposer must disclose all information about the risk being insured to the insurer, which the insurer then uses to determine whether to accept or reject the risk. If the insurer accepts the risk, it will issue a policy to the proposer.


Example: if you buy a term insurance policy for yourself from Canara HSBC Life Insurance, you are the proposer as well as the insured, whereas Canara HSBC would be the insurer.


Who can Propose Insurance?

Any individual or business entity with an insurable interest in another person can propose that the risk be covered by an insurance company. Insurable interest implies financial loss on the unfortunate, untimely demise of the insured.


For example: If a son or daughter is the lone earning member and the parents are financially dependent on them for survival, the parent has an insurable interest in the life of their son/daughter. Similarly, a homemaker has an insurable interest in her husband’s life if he is earning. An organization has an insurable interest in the lives of its key employees.


Is Proposer different from the Insured?

The proposer and the insured are usually the same person, but they can be different. The proposer is the person who signs the insurance proposal form and is therefore, the person who is proposing to buy the insurance. The insured is the person or people covered by the insurance policy.


The proposer pays premiums to the insurance company in exchange for the insurance company's promise to pay benefits to the insured in the event of a covered loss.


Here’s a summary of the differences between the proposer and the insured if both are different persons:


Proposer in Life Insurance Insured in Life Insurance

Proposes the insurance cover and premium Covered by the insurance

The proposer’s death does not attract a death claim on the policy The Insured’s death attracts a death claim on the policy

Proposer must have an insurable interest in the insured’s life The proposer’s death does not attract a death claim on the policy

Proposer must have a source of income Insured does not need a source of income

The proposer will claim the tax benefits on the premium payments Insured cannot claim tax benefits for the policy premiums

The proposer is not entitled to the maturity benefit from the life insurance policy The insured can claim the maturity benefit from the life insurance if they survive the policy term

Proposer can be a nominee in the policy Insured cannot be a nominee in their policy

Why is Proposer Important in Insurance?

A proposer is important in insurance because the insurance company will use the information provided by them to decide whether or not to provide coverage. The proposer must provide accurate information about themselves and their risk factors for the insurance company to determine if they are a good candidate for coverage.


The role of the proposer in insurance is to complete and submit an insurance application to the insurer. The insurer will then use the information provided by the proposer to assess the risk of insuring the individual or business. If the insurer decides to offer insurance coverage, the proposer will be required to pay the premium.


Can you Change the Name of the Proposer?

Proposer is the owner of the policy. Ergo, if the proposer and the insured are different individuals, ownership can be transferred only upon the death of the proposer. The proposer should have assigned a new owner in his will before death.


The name of the proposer can be changed in an insurance policy by contacting the insurance company and requesting a change. The insurance company will then require certain documentation to process the change, such as a new application with the updated information.


A proposer is an individual who takes out a life insurance policy on another person's life. The proposer is the policyholder and the insured is the person whose life is covered by the policy. The proposer pays the premiums and is the beneficiary of the policy unless listed otherwise.


If you are a proposer, make sure you understand the different types of life insurance policies before you begin shopping for a policy. Try to understand the terms and conditions of the policy you're considering before buying it.

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