Policy Issuance 簽發保單

Policy Delivery 交付保單

Once underwriting is complete and the application is approved, the insurer issues the policy and delivers it to the policy holder or a nominated representative, either directly or through an insurance agent or broker. The recipient is the policy holder, not the life insured or the beneficiary, unless that person is also the policy holder or the nominated representative. The policy is the main evidence of the contract, but whether a contract exists still depends on offer, acceptance and consideration, and the start of cover depends on the application documents and policy terms. Handing over the document should not be treated as the sole test of formation.

At delivery, the intermediary should check that the names, life insured details, sum insured, premium, beneficiary and riders match the application. The intermediary should then explain the main benefits, exclusions and premium due dates, and remind the client to read the policy and keep it safe. Any error should go to the insurer for correction or an endorsement; the intermediary must not alter the policy. Delivery also begins after-sales service and is a good time to revisit the client's needs.

If the insurer will accept the risk only with an extra premium, an exclusion or a lower sum insured, its terms differ from the application. This is a counter-offer, which binds the parties only if the applicant accepts it. The intermediary should explain clearly what has changed and why, must not decide for the client, and has no authority to waive the insurer's conditions.

Delivery is directly linked to the cooling-off period. Under the Insurance Authority's guideline on the cooling-off period, the period for long term policies is generally 21 calendar days immediately following delivery of the policy or a cooling-off notice to the policy holder or nominated representative, whichever is earlier. The notice states that the policy is available and when the period expires, so collecting the policy late does not necessarily extend the period. To cancel, the policy holder must give the insurer a signed written request within the period and can recover the premium paid, although a refund on an investment-linked assurance scheme may be subject to a market value adjustment.