INFORMATION is crucial in the business of insurance. Aspiring buyers of insurance policies must disclose personal information as detailed as possible to allow the insurance company to assess their risk levels and the corresponding rate or premium of the insurance contract. In other words, this sensitive information is used by the insurance company to determine whether the applicant is qualified for the insurance product being sought.
The applicant is expected to disclose truthfully and accurately the needed information in the insurance application. Examples of information considered vital in the insurance application are the complete and correct spelling of the applicant’s names and designated beneficiaries, the applicant’s age or birth date, and medical and health history. Along with disclosing this information, the applicant must also submit documents or evidence to support the disclosed information (identification cards, medical records, birth certificates, etc.)
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