Application for Insurance
An application for insurance is the formal process of requesting coverage from an insurance company. It includes providing personal, medical, and financial information that allows the insurer to evaluate eligibility, assess risk, and determine the appropriate premium and coverage terms. The application serves as both a request for protection and a legal declaration of the information provided by the applicant.
In health, dental, life, and disability insurance, the application may include sections for personal details, lifestyle questions, and medical history. For medically underwritten plans, applicants must disclose pre-existing conditions, medications, and recent medical consultations. Guaranteed issue or simplified issue plans require fewer questions but typically offer lower benefit limits in exchange for reduced underwriting.
Once submitted, the insurer reviews the application, verifies information, and decides whether to approve, modify, or decline coverage. Acceptance of the application by the insurer, along with payment of the first premium, activates the policy.
Example:
If you apply for a personal health insurance plan, the application will ask for your age, province of residence, health conditions, and any other coverage you currently have. The insurer reviews your answers to determine eligibility and finalize your premium.
What to Watch For:
Provide complete and accurate information when completing an application. Any misrepresentation or omission could lead to claim denials or cancellation of the policy later. Review your application summary before signing, and keep a copy for your records as proof of disclosure.
