What is the meaning of Proposal?
A proposal is a suggestion or plan which is proposed to someone for the acceptance or to think upon to take further actions. It can in both the forms oral or written but for legal & business terms it is suggested that a proposal should be in written form.
Meaning of Proposal in Insurance Terms
Proposal, in Insurance terms refers to the request / proposal by the Proposer (person buying insurance policy) to the Insurer (Insurance Company) to undertake protection against a certain risk.
A Proposer is the person who is applying for buying a insurance.
Insurer is the Insurance Company.
Example of Proposal
• Mr. Mehra proposed for a term life insurance coverage with HDFC Life Insurance company.
• Home Minister Amit Shah proposed documents regarding abolishment of article 370 in the lower house of the parliament.
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