Quick Guide: 6 Types of Insurance Documents that Need Templates

The insurance industry depends on documents for most of their work. This creates a need to simplify the creation of these insurance documents. Templates offer a quick way to create documents for insurance claim among others, especially those that are needed often and may require repeated actions to produce.

By creating templates for the following different types of insurance documents, insurance firms can make their work easier and reduce the amount of time spent preparing documents for clients.

Insurance Quote Templates

Before an organization or individual signs up for insurance, they will be interested in knowing how much it will cost them. Marketers and sales agents in insurance companies constantly need to generate quotations for possible clients. An insurance quote sheet template for this document makes it easier to generate several quotations and deliver them to clients without errors.

A typical insurance quote template Word would include the following sections:

1. Introduction Statement: This could be a brief letter describing the insurance company and letting the prospect know what you stand for and what you represent in the insurance quotation template.

2. Product List: This insurance estimate format section has the full list of insurance packages that the insurance company provides. Some insurance companies choose to focus on the packages that would interest the prospect while others will mention everything they offer.

3. Pricing: This section is what would interest the prospect the most. It shows the premiums paid for different policies as well as what is covered under those premiums. The pricing is usually for only the policies that apply to the prospect. For example, a medical practice would not need quotes related to a hotel.

4. Terms and Conditions: This section explains the conditions under which the policy will be issued. These need to be error-free and that is why having them as part of the template is important.

Insurance Policy Template

Every new client will need an insurance policy document that spells out what the insurance covers. These documents for insurance policy have five parts and most of the information contained here is the same for all policies. Having an insurance policy form template instead of copying and pasting sections would make it faster and easier.

Whether it is a life insurance template or a home insurance policy template it needs to have the following parts:

1- Declaration: This has the details of the insured individual or company, the type of insurance being provided, the limit of coverage as well as the premium. The declaration is the summary of the policy. This part may have some variables that need to be filled.

2- Agreements: This part has information regarding what the insurance company is ready to pay for in case the insured risk befalls the client. There may be many agreements listed within the policy. An insurance form template makes the process of producing this section faster.

3- Definitions: Some words or phrases are unique to insurance documents and so may have a slightly different meaning from ordinary use. This part of the policy clarifies the meaning of such words. This helps policyholders understand what the insurance policy covers.

4- Exclusions: This helps to clarify what may not be covered under the policy. Exclusions also can specify what is covered (and to what extent).

5- Conditions: This section determines under what conditions the insurance company will provide cover under the policy. For example, it will pay for the theft of property from a client’s home on condition there is evidence of forced entry.

Insurance Letters

Insurance companies communicate with their clients often and letters are a common medium for communication. To save time that would be spent drafting letters, insurance companies can have templates for these letters.

Insurance letters that need templates are usually notifications. These notify clients about progress made in their claims processing, expiry of their policy as well as adjustments made to the policy or claims. These insurance documents or letters need to have a standard flow and must be free of error.

Most parts of notification letters remain the same, so it is possible to have templates for them. The sections of the insurance letter sample can include:

1. Address: The address of the insurance company and includes the logo of the company clearly at the top. The information on this part does not change.  

2. Particulars of Recipient: This is a variable section that can be populated according to the intended recipient's information. It will comprise the name of the correspondent, address, policy number (where applicable)

3. Date: The date the letter was authored must be included. Sometimes a letter may be urging the correspondent to take action within a given period from the date the letter was issued.

4. Body: This part of the letter contains the important information that the insurance company wishes to convey to the recipient. The greater part of the body of the letter is standard except for variable fields like dates and figures.

5. Sign off: This part has the signature of the author of the letter or authorizing officer and where necessary, it will be copied to other stakeholders.

Certificates of Insurance

Every time an insurance policy is approved, the policyholder is issued a certificate of insurance. This insurance document contains a summary of the insurance policy as well as details of the holder of that policy. It is important that no mistakes are made on this document and having a template for the document can eliminate errors.

Although there is no particular format for a certificate of insurance form, there are certain fields that need to be included in the template. These include:

1. Date: This shows when the certificate of insurance are issued in. There is also another field that will show the duration of the policy. It will show the start date and the expiry date.

2. Disclaimer: This section summarizes the nature of the insurance with limitations included.

3. Insurer: The name and particulars of the insurance broker that is issuing the certificate.

4. Policy Holder: This field contains the name of the individual or organization that is being insured. It will include other details that help to identify the policyholder including the policy number.

5. Insurance Cover: This field spells out what the insurance policy covers. It is the section that most people pay attention to when they ask for the certificate as it gives proof that the certificate holder is insured for a particular liability. It can contain more than a single cover if the insured has multiple covers.

6. Liability Limit: This field gives the exact amount of money that would be paid as compensation under the premium paid.

7. Additional Information: An extra field can include information like a list of items covered under the policy for example a list of vehicles insured by an organization. It can also inform the holder about the means of communication that will be used to notify them when the policy has been canceled.

8. Declaration: Some certificates will include a section where the parties involved declare their commitment to honor the policy details.

9. Signatures: This field contains signatures of the insurance company and the insurance broker.

Insurance Claims Documents

Insurance claims documents are detailed reports that need to be organized in a manner that makes them easy to read. Having a template that structures documents required for insurance claim in a particular way will help achieve that aim. The documents required for the settlement and claims of insurance policy will need templates and these include:

1. Medical Reports: For medical insurance, the claims template would be structured in a way that all the necessary medical information can be captured to ascertain the amount of money to be paid towards settling the medical bills.

2. Accident Reports: For auto insurance, accidents are a common claim. The report template has a structure to be followed when compiling and creating this report.

3. Inventory: In the case of loss or damage to property, the claims document will list all the property that has been lost or damaged. The items will also be valued so that compensation can be made.

4. Third-party Claims: In case the insured person has caused injury or loss to a third party, an assessment is made and the results of that are entered into the claims document. Different insurance companies can choose how these document templates can be structured.

Insurance Loss Adjustment Documents

When a claim notice is issued, the insurance company uses loss adjusters to determine the liability of the insurance company. The number of loss adjustment documents that may need to be produced by a single insurance company is just as many as the claims and that is why templates are needed for the claim adjustment process. The template will help to quicken the process of loss adjustment so that the client can get a settlement as soon as possible.

In Conclusion

Templates are used as part of the document automation process. They provide a quick way to generate insurance documents that are used often and have to be created in bulk. With templates, a 100-page contract can be completed within minutes and you can be sure that the result is perfect and just as accurate as any other document that is produced using the same template. It is for this reason that insurance companies need to determine carefully which insurance documents will need templates and choose the best document automation software to do the job.

Comparing different document automation solutions? Check out our feature review table to learn more about the top document automation software.