Document background
The Insurance Declaration Form is a fundamental document in Nigerian insurance practice, required under the Insurance Act 2003 and regulated by the National Insurance Commission (NAICOM). This document is essential when applying for new insurance coverage or renewing existing policies across various insurance types, including life, health, property, and general insurance. The form serves multiple purposes: it captures all material information needed for risk assessment, establishes the basis for the insurance contract, ensures regulatory compliance, and protects both the insurer and insured by creating a clear record of disclosures. The Insurance Declaration Form must be completed with utmost good faith, as any misrepresentation or omission can void the insurance contract and lead to legal consequences under Nigerian law.
