Document background
The Insurance Declaration Form is a fundamental document in the Philippine insurance industry, required under the Insurance Code of the Philippines (RA 10607) and related regulations. This document serves as the primary means for insurance companies to gather critical information about potential risks and make informed underwriting decisions. The form must be completed before any insurance policy can be issued, whether for individual or corporate coverage. It contains detailed questions about the subject matter to be insured, risk factors, and other material information that could affect the insurance contract. The declaration form's contents must comply with requirements set by the Insurance Commission of the Philippines and include necessary disclosures under the Data Privacy Act of 2012. This document is particularly important as any misrepresentation or non-disclosure of material facts can lead to the invalidity of the insurance contract.
