The duty of disclosure of material information arises prior to the inception of the policy, and continues throughout the policy period in case of Health Insurance
The process of scrutinising the proposal and deciding about acceptance is known as underwriting.
Sources of information for underwriting - Proposal form or underwriting presentation, Risk surveys, Historic claims experience data
For some classes of business, such as personal & motor lines, underwriters often utilise historic claims experience data to provide an indication of the likely future claims experience, and to arrive at a suitable premium
Payment of Premium in Advance (Section 64 VB of Insurance Act, 1938) - As per Insurance Act, premium is to be paid in advance, before the start of the insurance cover. the risk may be assumed only from the date on which the premium has been paid in
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