Once the insurance company has accepted the proposal
and the premium has been paid, it will issue a policy as evidence of the
contract. All life insurance companies' policies are of the same style.
- A heading which contains the name of the insurance company and the
address of its head office.
- A preamble-this states the parties to the contract and that the proposal
form and the declaration constitute part of the contract.
- The 'operative clause' provides that the sum assured stated in the
schedule of the policy will be paid on proof of:
- The happening of the assured event.
- The legal title of the claimant(s) to the policy monies.
- The life assured's date of birth.
- The "Schedule" shows:
- The date of the proposal.
- The name and address of the person being insured.
- The name and address of the person to whom the policy is issued normally
the person being issued).
- Date of birth and whether a birth certificate has been shown to the
- The amount of the sum assured and when it becomes payable.
- The premium and when it is due.
- Under which law e.g. England and Wales, Scotland or Northern Ireland the
policy will be held.
- Special provisions.
- A senior official of the insurance company
will sign the policy.