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IIQE Paper 1 Core Functions of an Insurance Company question: claims handler check

IIQE Paper 1Core Functions of an Insurance Company

A death claim under a life policy is lodged by someone who is not the original policyholder. What should the claims handler check first?

A whether the policy is participating
B whether the policy has been assigned
C whether the agent's licence is current
D whether the insurer reinsured the policy

Show the answer and explanation

Answer: B. whether the policy has been assigned

Answer: whether the policy has been assigned. A possible assignment means the claimant may not be the original policyholder, so the handler checks it with care.Why not the others:• whether the policy is participating: bonus questions affect the amount, not who may claim.• whether the agent's licence is current: the agent's licence does not decide entitlement to the money.• whether the insurer reinsured the policy: reinsurance has no effect on the policyholder side.Watch out: Looking at amount issues when the question is who is entitled.Rule: Life claims checks include disputes, policy loans, assignment, proof of death and identity, and bonuses.Source: IA P1 Study Notes 2024 Ed. §4.7(a)(iii), p.4/5

Common mistake

Looking at amount issues when the question is who is entitled.

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Related IIQE Paper 1 questions

The major reason an insurer buys reinsurance is A third party sues an insured under a public liability policy. Besides whether the policy responds, the insurer must establish whether Insurer Q reinsured 80% of a large fire risk. After a total loss, the reinsurer becomes insolvent. Insurer Q must pay the policyholder

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Original study material written to the public IIQE Paper 1 syllabus. Independent, not endorsed by the Insurance Authority or the VTC. Verify figures and rules against current guidance before relying on them.