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Proposal

A person interested in taking out insurance has to make an offer by means of a proposal. This is an application for the cover required, or for obtaining quotations of the premium chargeable.
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UK: an application by a person (known as the proposer) for insurance, generally by presentation of a printed form, and constituting an offer in contract law; the proposer becomes the insured when the application has been accepted and the contract brought into being.
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MEDICAL,USA: Formal suggested insurance plan offered by an insurance company to give insurance coverage to an employer, group, individual, or organization at stated premium rates. Also called quotation and quote.

Proposal form

UK:A form completed by a party seeking insurance. It enables the insurer to assess the risk, prepare the policy, and set up the administration. See BASIS CLAUSE.
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A questionnaire prepared by an Insurer to elicit details about proposed Insurance cover. It is a format designed to elicit all information necessary for a proper evolution of the risk and for rating. Questions asked fro according to the type of Insurance. Except in Marine cargo insurance, proposal forms are used in all classes of insurance, in which the proposer is required to answer questions. This form incorporates a declaration to the effect that the answers are warranted to be true and complete and shall form the basis of the contract. A typical declaration is worded as follows: “I/We hereby warrant that the above statements and particulars are true and complete, and I/We have not concealed, misrepresented or suppressed any material fact and I/we agree that this proposal and declaration shall be the basis of the contract between me/us and the Company and I am/we are willing to accept the policy subject to the terms, exceptions and conditions prescribed by the Company therein.” Wording may vary among different form but the legal effect of this declaration is to convert representations into warranties, that is to say, any incorrect or inaccurate answers to a question on the proposal form will render the contract voidable at the option of the insurer, irrespective of the fact whether it is material to the risk or not. The answers are required to be literally true and absolutely correct.
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UK:standard form used in most classes of business to elicit basic information about the proposer and the risk for which cover is sought.

Proposer

UK: a person who makes a proposal for insurance.
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One who makes an offer to enter into a contract of Insurance-the prospective insured.
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UK: The prospective insured, i.e. the party proposing to effect an insurance, by the completion of a proposal form.

Proprietary companies

Insurance companies constituted under the Companies Acts or by Royal Charter. The proprietors of a company are the shareholders who have supplied the capital. They look to the directors and officers to manage the company and safeguard its assets.
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Companies owned by shareholders.

Prorate

Proportionate reduction in the amount of insurance benefits payable as provided in the contract. Some examples for proration would be because the insured changed to a more perilous job, because benefits payable by all the insured’s disability insurance are more than his or her current earnings over the preceding 2 years, or because the insured is actually older than stated in a life insurance application.