California Life-Only & Accident and Health AgentCalifornia Law - Life and Accident & HealthEasy
A life insurance policy states that upon the insured's death, the beneficiary must submit a written proof of loss within a specified timeframe, typically 90 days. This is an example of a provision related to:
- AThe Entire Contract clause
- BThe Claims provision
- CThe Time Limit on Certain Defenses
- DThe Payment of Premiums clause
Show answer & explanationAnswer & explanation
Correct answer: B. The Claims provision
The Claims provision in an insurance policy outlines the procedures for submitting a claim, including requirements for notice of claim and proof of loss. The requirement for submitting written proof of loss falls directly under this provision.
Why the other options are wrong
- A. The Entire Contract clause states that the policy and application constitute the entire agreement.
- C. The Time Limit on Certain Defenses (Incontestable clause) limits the insurer's right to contest the policy.
- D. The Payment of Premiums clause specifies when and how premiums are to be paid.
Claims Provision
The section of an insurance policy that outlines the procedures and requirements for filing a claim, including notice of claim and proof of loss.
- Mandatory policy provision.
- Ensures orderly claim processing.
- Specifies timelines for beneficiary/insured actions.
Memory trick: Claims need paper, proof, and promptness.