Complete Guide to Insurance Proposal form! When you are purchasing an insurance policy the insurance company will ask you to fill up an insurance proposal form. The form will contain a certain set of questions about your personal and professional life. You take insurance policy from a company after checking its credential likewise the company also want to know you better. By giving the answers to the questions asked in the form you give valuable information about yourself to the insurance company. It helps the company to understand your needs, your potential, and what kind of help you would need when the situation arrives.