FINRA Series 6 Investment Company and Variable Contracts Products Representative ExaminationProcessing Customer Orders and TransactionsMedium
A client passes away and owned a variable annuity contract. The designated beneficiary contacts the registered representative to initiate the claim process. Which of the following documents is typically NOT required to process the death benefit claim?
- AA certified copy of the death certificate.
- BThe original variable annuity contract.
- CA completed claim form provided by the insurance company.
- DProof of the beneficiary's identity.
Show answer & explanationAnswer & explanation
Correct answer: B. The original variable annuity contract.
While the original contract may be helpful for reference, it is generally not a mandatory document for processing a death benefit claim. The insurance company typically has a record of the contract. A death certificate, claim form, and proof of beneficiary identity are standard requirements.
Why the other options are wrong
- A. A certified death certificate is crucial to confirm the annuitant's passing.
- C. A completed claim form is essential to formally initiate the benefit payment.
- D. Proof of identity is necessary to verify the rightful beneficiary.
Variable Annuity Death Benefit Claim
The process of claiming the death benefit upon the annuitant's passing for a variable annuity.
- Requires specific documentation.
- Processed by the insurance company.
- Beneficiary receives the benefit.
Memory trick: Claim, ID, death proof; contract's not the roof.