Structure of the Policy :

The insurance contract is evidenced by a policy- however, the offer having come from the proposer in the form of a proposal. The proposal form elicits certain information about the proposer/insured, the subject matter of insurance and the experience or claims history, on the basis of which the terms and conditions of the contract would be decided and policy issued.

As the insured would like to avail of insurance for matter that he wants to have insured, it is necessary that he discloses all material facts about the same and his disclosures must be genuine and not misrepresented.