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When you apply for insurance, there are number of steps between the application process and when your agent delivers your policy. In this lesson, you will learn about policy delivery.

What Is Insurance Policy Delivery?

Meet Sarah. She just applied for life insurance. Her agent called to let her know that her policy is ready for delivery and requested an appointment. Sarah isn’t sure what will happen during this appointment and would like more information before she meets with her agent. Let’s see if we can help Sarah with this problem.

When Sarah submitted her application to the insurance company, it reviewed the information and decided whether or not to approve her application. Now that the insurance company has approved it, her agent must deliver her policy to her. Policy delivery involves delivering the policy to the applicant and collecting any premium that is still outstanding.

Insurance companies have different requirements about how a policy can be delivered. For example, a policy may be delivered personally, by registered mail or by courier. If the policy is delivered personally, then the insurance company specifies that the agent must do so within a certain number of days after the date the policy is issued.

Steps in the Insurance Delivery Process

There are number of steps that an agent must complete during the delivery process, including:

  • Physically delivering the policy
  • Collecting the initial premium
  • Explaining the policy’s provisions, riders as well as the rating
  • Verify the medical condition of the insured
  • Obtain a signed delivery receipt

Let’s examine each of these steps in more detail.

Physically Delivering the Policy

Many insurance companies insist on physical delivery of the policy to the insured while some will permit delivery by registered mail or courier. Regardless of the method of delivery, the agent is responsible for ensuring she has obtained all of the delivery requirements from Sarah on a timely basis.

Collecting the Initial Premium

If Sarah did not include payment with her application, then her agent would collect the premium when she delivers Sarah’s policy. Sarah’s policy would not be effective until she pays the initial premium.

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Refund is to pay back money received or spent: The theater refunded our money when the performance was canceled or delivered.

What is refund of payment?  A payment refund is the process where funds are transferred from your merchant account back to the customer for a specific transaction. Generally, refunds are linked to a specific transaction ID or order ID, the payment can either be completely or partially refunded. How do I say refund money?   Image result for refund Strong ways to request a refund in English

  1. – I feel you should, at the very least, refund the sum of €50 I paid for … (strong)
  2. – I insist that you refund my money at once (strong)
  3. – I must insist on a full refund immediately (strong)
  4. – I’d like a refund.
  5. – I want to have my money back.

What are the types of refund?  Step-by-Step Guide to GST Refund Claims

  • Type 1: Excess cash balance in electronic cash ledger.
  • Type 2: Excess tax paid through GSTR-3B.
  • Type 3: Accumulated ITC due to exports of goods and services without payment of tax.
  • Type 4: Accumulated ITC due to supplies made to SEZ unit/SEZ developer (without payment of tax)

What are the three steps to a refund?  includes a tracker that displays progress through 3 stages: (1) Return Received, (2) Refund Approved, and (3) Refund Sent.

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