LLQP Ethics & Professional Practice · Component 1.6 · 60% of the exam
To claim a life insurance death benefit, the claimant must generally provide:
- AA police report in every case, since the insurer must rule out foul play before releasing the proceeds
- BOnly a telephone call to the insurer, which verifies the death through government records on its own
- Evidence of death, proof of the claimant's right to payment, the claim form, and the policy if available
- DThe will in every case, since the insurer must confirm the designation is consistent with the deceased's wishes
Correct answer: C) Evidence of death, proof of the claimant's right to payment, the claim form, and the policy if available
The Insurance Act sets out what the insurer may require. Named beneficiaries do not need probate.
Why the other options are wrong
- AA police report is needed only in unusual deaths.
- BWritten proof is required.
- DThe will is needed only if the estate is beneficiary.
Exam tip
Claim: proof of death, proof of right, claim form.
Common mistake
Delaying a named-beneficiary claim for probate.
What this tests
CISRO competency component 1.6 — Integrate into practice the legal aspects of insurance and annuity contracts — which is weighted at 60% of the Ethics & Professional Practice module. Written against the published curriculum.
More from component 1
- An 'assignee' of a life insurance policy is:
- A corporation as policyowner and beneficiary of a policy on a key employee:
- A 'trustee' named to receive proceeds on behalf of a beneficiary:
- The 'automatic premium loan' (APL) provision:
- A life insurance contract 'matures' when:
- The 'assignment' provision typically states that:
Practice the whole Ethics & Professional Practice module
Timed sets weighted like the exam, and review of every question you miss. Free to start.