Processing Claims

Question 1

What 5 things are all claims subject to?

Answer 1

1. Payment of all due premiums
2. Production of the policy
3. Proof of title
4. Proof of death on a death claim
5. Proof of age on a death client

Question 2

If a claim is being made on maturity of a policy, what would an insurer require?

Answer 2

1. The original policy
2. Any Deeds of Assignment
3. The discharge form

Question 3

If a claim is being made on maturity of a policy, who can sign the discharge form?

Answer 3

Only the person with the legal title to the policy

Question 4

If a claim is being made on death, what does the insurer require?

Answer 4

1. Death certificate
2. Cause of death
3. Date of death
4. Proof of age
5. Proof of title
6. Grant of Probate or letters of administration (if not under trust or assigned)

Question 5

What did The Suicide Act 1961 do?

Answer 5

Decriminalised suicide

Question 6

Do insurers still discriminate between suicide and accidental death?

Answer 6

No

Question 7

In regards to suicide, what do some insurers include in the policy?

Answer 7

A clause that voids a claim if the suicide occurs within a specified period

Question 8

Can a claim be met if the policy has been lost & why?

Answer 8

Yes because the policy is proof of the contract, but is not the contract itself

Question 9

If a policy is lost, what might the insurer insist upon from the claimant?

Answer 9

An indemnity to repay them if someone else produces the policy & makes a valid claim