Protect your policy records

As the number of people covered by insurance increases, so does the number of people who seem to be losing their policy documents. Many insurers are now taking steps to mitigate the problem. They have started labelling policy documents with cautionary notes - "Insurance policy - please store carefully" - in bold fonts, so that they are not dumped in some forsaken corner of the policyholder's house. While electronic policy transactions are allowed, most insurers still require a physical copy of the policy at the time of claim settlement.