Most insurance companies are corporations in which the governing body is the Assembly of Shareholders and its governing body or the board of directors appointed by the shareholders at Board meeting.
Directory Management reports directly to the General, who, like any company, is the executive body to lead the company in accordance with the resolutions adopted by that body.
Acceptance of insurance and issuing policies
The issue of policies is done through the following steps:
- Insurance application.
- Verification of all the information contained in the application.
- Acceptance of insurance.
- Policy issue.
The insurance application is the proof by which the insurable requests a particular insurance company. Therefore therein data necessary for the insurer knows the exact risk associated with the insurance. The main data are:
- Insurable identification data.
- Purpose and insurance risk.
- Description which is to be secured.
- Amount of insurance.
The health declaration reduces expenses policy issue, because it is less expensive to verify that statement to make comprehensive medical examination, and greatly simplifies the management before the insurable to induce him to take life insurance. The application is accepted, the policy according to the data of that and Payment to be issued.
Policies issued are canceled when the insurance contract is terminated. This usually occurs in the following cases:
- Failure to pay the premium.
- Change of ownership of the insured.
- Fraud insured.
With the cancellation of the policy, the insurer is only entitled to receive the corresponding risk premium that has run.