The insurance application is a document that is sometimes not given the attention it deserves. However, there is no doubt that it is very important when setting the terms of your relationship with the company with which you take out the policy.
Below we explain the most relevant characteristics of this key document for the financial and assistance cover of your interests against unexpected events.
Key Points of an Insurance Policy Application
First, you should know that, as this is a document provided for under Spanish law, specifically Law 50/1980 of 8 October on Insurance Contracts, it must be completed.
It is very important to understand that each type of insurance, whether vehicle, life or home, has a different policy application. It is presented as a questionnaire and, as you can imagine, the model to be completed by the policyholder is different in each case.
Naturally, the information required for sports insurance will not be the same as for work-related insurance.
What Questions Are Asked in These Questionnaires?
Basically, they refer to the risks arising from the activities covered by each type of insurance.
Therefore, the aim is to complete the most appropriate definition of the risks the applicant wants to insure. These risks are also rated, so the applicant can know the price the policy will reach.
In this sense, the process works properly when insurers define risks precisely and comprehensively, and when future policyholders answer the questions proposed to them with maximum honesty.
The Binding Nature of These Applications
These applications are available on insurers’ websites, although they can also be obtained on paper by visiting their physical offices.
As a potential client of any of these insurance providers, you can request and complete as many questionnaires as you wish. This allows you to obtain reliable information about quotes for the policies available in the market.
This already suggests that, under the law mentioned above, the application does not bind the applicant. However, it does bind the insurer for a period of fifteen days. During that time, the insurer may not modify it.
The Importance of Having an Insurance Application
In short, correctly completing this document is essential when determining matters such as indemnities in the event of claims.
There should be no room for free interpretation.