The insurance proposal is a proposed contract between a client and an insurance company through which the client ensures a particular asset that belongs to him and the insurance company promises to pay him a certain amount of money if any damage is caused to the asset during the insurance period. The terms of payment are decided before agreeing to the terms of the insurance. In the insurance proposal form, the insurance company lists down the things for which it does the insurance with the individual amount of money that the client will be able to get in case of damage. Other terms and conditions are also mentioned like they may say that if it is proved that the asset in hand was damaged willingly then the insurance claim would be considered null and void but if it has happened as part of an accident then and only the company will pay the client the sum of money decided at the time of contract.
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