L&HPennsylvaniamedium
Under Pennsylvania's accelerated death benefit statute, which event most typically triggers eligibility to receive a portion of the life insurance face amount before death?
AThe insured changes employment.
BThe policy reaches the third anniversary.
The insured is diagnosed with a qualifying terminal or chronic illness as defined in the rider.
DThe policyowner files for personal bankruptcy, which does not qualify as a medical trigger for early payment of the life insurance face amount.
Why this is the answer
40 P.S. § 477b authorizes accelerated death benefit (ADB) provisions allowing a portion of the face amount to be paid early upon qualifying conditions such as terminal illness, chronic illness, or in some riders specified critical illnesses.
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