Getting an insurance policy is a significant financial decision that involves a lot of paperwork. For most insurance companies, completing the insurance contract form is a prerequisite for covering a new policyholder.

Thus, it’s crucial to understand the right time to collect the insurance contract form to ensure that you don’t encounter any legal issues while filing a claim. As much as it may sound insignificant, timing is everything when it comes to collecting an insurance contract form. Below are essential details that you need to consider when deciding on the best time to collect your insurance contract form.

1. Before Signing Your Policy

One of the best times to collect your insurance contract form is before signing your policy. Insurance companies require clients to fill out and sign these forms as part of their underwriting process.

Therefore, make sure you have a clear understanding of how the contract form works before signing the policy. Ensure that you’ve read and understood the contents of the form before signing it. In case you have any questions, be sure to seek clarification from the insurance agent or through the customer service department.

2. After Accepting Your Policy

If you’ve already accepted your policy, it’s essential to collect the insurance contract form as soon as possible.

Some insurance companies may send the form together with the policy documents, while others may require you to download and print it out from their website. Regardless of the method, ensure that you collect the form as soon as possible after accepting the policy. Filling it out soon after accepting the policy reduces the risk of forgetting to complete and submit it altogether.

3. Before Filing a Claim

Having an insurance policy is a needful measure. However, filing a claim can be challenging, especially if you don’t have all the necessary documents. Collecting the insurance contract form before filing a claim is essential.

The form provides insurers with official records of the policyholder’s history and details that could help expedite the claim process. Without the form, your claim may be delayed, which could make the insurance process more challenging.

4. After Updating Your Policy

Policyholders may make changes to their policies as time goes by. For instance, you may increase or decrease your coverage amounts or add or remove dependents.

Whatever the reason for the changes, ensure that you collect the latest insurance contract form after updating your policy. This is essential because changes in policy could affect the terms and conditions of the contract, making the old form obsolete.

5. If You’ve Moved or Relocated

If you have moved or relocated, you may need to collect a new insurance contract form depending on the state or country where you’re relocating. Suppose you’re moving to a new state, for instance.

In that case, the insurance contract form you signed in your previous state may not be applicable in the new one since different states apply different insurance laws. Thus, you’ll need to collect a new insurance contract form that’s unique to the new location.

Similarly, if you’re relocating to a different country, the insurance law and regulations may be different in that region, and you may need to collect a new contract form.

6. If You’ve Made a Claim

When filing a claim, insurance companies often require clients to fill out different forms, including the insurance contract form. Be sure to collect the form if you’ve made a claim because it’s mandatory.

Besides, it’s the only way insurance companies can process your claim, determine the exact coverage, and calculate compensation. Ensure that you fill out the form accurately and attach any supporting documents where applicable to avoid insurance disputes.

7. Before the Insurance Policy Expires

Most insurance policies have a specific term, after which they expire. When the policy is due to expire, you may need to renew or update it depending on the kind of policy you have.

Before renewing or updating your policy, ensure that you collect a new insurance contract form. This is because the terms and conditions may have changed from the original policy, and you may need to update the form to reflect the changes made.

8. If You Need to Add or Remove Beneficiaries

When taking out an insurance policy, most policyholders name beneficiaries, those who will receive the policy benefits in case of the policyholder’s death.

If you need to add or remove beneficiaries, you’ll need to fill out a new insurance contract form. Keep the form safely after completing it, as it will be a valuable reference to the insurer in the event of a claim.

9. When You Need to Change Your Coverage

Changing the coverage of an insurance policy is a significant decision that often warrants a new contract form. If you opt to change your coverage, ensure that you collect and fill out the insurance contract form as soon as possible.

This also ensures that your insurance company gets the right information about the updated policy and can make the necessary adjustments to your account.

10. Anytime You Need Clarification on Policy Details

Finally, you can collect the insurance contract form anytime you need clarification on your policy’s details. The form contains critical information such as your coverage amounts, the exclusions of the policy, the benefits, and any limitations.

Collecting the form and going through it thoroughly will help you understand the policy better, ask specific questions to the insurance company, and make necessary changes to your policy if needed.

Conclusion

The right time to collect an insurance contract form varies from one policyholder to another. In most cases, collecting the form early on in the underwriting process, before signing your policy, is advisable.

However, other circumstances such as relocating, making a claim, or updating your policy may require you to collect a new form. Be sure to read and understand the contents of the form before filling it out and submitting it. Additionally, keep the form safely, as it may come in handy when filing claims or updating your policy.