Life Insurance Policy Provisions, Options, and Riders
What role does proof of death play in a New York life claim?
Answer and explanation
Answer: D. Proof of death is the condition that must be satisfied before the insurer's promise to pay becomes due, which is part of what makes the policy a conditional contract. It does not affect the beneficiary designation, contestability, or ownership.Source: N.Y. Ins. Law § 3203 — 3203, Proof of death
More life insurance policy provisions, options, and riders questions
- What is the practical difference for an owner between a revocable and an irrevocable beneficiary designation?
- What is the role of a tertiary beneficiary in the succession of beneficiaries?
- What may an insurer promise about the dividends on a participating policy?
- What need does a children's term rider chiefly meet?
- What notice does section 3230 require in the application for a policy providing accelerated death benefits?
- What problem does the entire contract provision address?
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