Once we have clear the characteristics of the risk that we are going to insure, it is time to process the insurance contract. Next, we will tell you the steps to follow to subscribe to a policy.

Request an insurance offer

The first step is to communicate to our insurance brokerage, agency, or entity that we want insurance and that we want them to give us an offer. To do this, we can do it traditionally, going to our trusted brokerage or insurance agency. Or you can also request an insurance offer online, as you do every time you try our online comparator.

Policyholder data and insured risk

When requesting the offer, they will always ask you for the data related to the risk you want to insure. In this way, the mediator will evaluate the characteristics of the policy that he is going to propose to the client.

When we talk about the insured risk data, we refer to the characteristics of the home that we are going to insure (square meters of surface, year of construction, rooms, address, mortgage transfer …), or of the car for which we take out insurance (registration, brand, model, version …), or even the personal data necessary to take out Life Insurance or Medical Insurance.

In these first steps, the policyholder’s data, the person who signs the Insurance and agrees to pay the premium, is also requested. They will ask for your ID and address, and the personal data necessary to prepare the policy.

It is an important step, since, without this information, the client may receive an insurance offer that does not adapt to reality or that does not meet the protection needs that the client is looking for.

On the other hand, there is the possibility that the company will reject the insurance, in which case it will be necessary to find another insurer or modify the desired guarantees.

The insurance proposition

The next step in the insurance process is for the insurer with whom we are going to contract the policy to make an insurance proposal. It is a written contract proposal based on the information provided by the client.

It is a preliminary agreement that we must read carefully and understand in all its points. Here, again, it is important to have the possibility to consult with our broker or agent to clarify doubts. Once the proposal is delivered and accepted, it will be binding on the insurance company for some time.

Insurance documentation: policy elements

Among the insurance documentation that the client receives, the most important is the policy, the insurance contract. In this document, the insurer undertakes to indemnify the insured or the beneficiaries referred to in the policy in specific cases, which must be specified in the same contract, in exchange for the payment of the insurance premium.

Insurance policies must include a series of data, which is important to check before signing:

  • Name and surname or company name of the contracting parties and their address, as well as the designation of the insured and beneficiary, if applicable.
  • The concept in which it is secured.
  • Nature of the risk covered.
  • Designation of the insured objects and their situation.
  • Insured capital or scope of coverage.
  • Amount of the premium, with the surcharges and taxes that the policyholder must pay.
  • Maturity of premiums, place, and method of payment.
  • Duration of the contract, indicating the day and time in which its effects begin and end.
  • If a mediator is involved, their details and the type of mediator must also be included.

The policy includes two fundamental documents in which the covered situations and exceptions in which the insurer must indemnify the insured or insurance beneficiary must be very clear. They are the general and particular conditions, which must be reviewed before signing the contract.

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