Life Insurance 21. Claim Processing

Question 1

1. AAA will pay the Death Benefit if:

Answer 1

The insured dies while the Policy is in force. The Death Benefit will be calculated as:

1. The Amount provided by the Face Amount, plus
2. Any benefits provided by Rider or Endorsement which are payable upon the Insured’s death, LESS
3. The amount needed to keep this policy in force to the END OF THE POLICY MONTH OF DEATH, IF THE ISURED DIES WITHIN THE GRACE PERIOD, LESS
4. The amount of any benefits paid under the Accelerated Death Benefit, PLUS
5. any Premium paid past the Policy month of death.

Question 2

2. To claim the Death Benefit, AAA will require:

Answer 2

1. a Certified copy of the Insured’s Death Certificate
2. Other lawful evidence providing equivalent information, and
3. Proof of the claimant’s interest in the proceeds.

Question 3

3. The Death Benefit will be paid in:

Answer 3

it can be paid in a Lump Sum or under any payment option mutually agreed upon.

Question 4

4. If you wish to have any part of the benefit amount paid under a SETTLEMENT OPTION (What is this?), you must:

Answer 4

make the election in writing during the Insured’s lifetime. If a settlement option, other than a lumps sum, is chosen, each payment must be at least $100. If an option has not been chosen when the Insured dies, the Beneficiary may choose one

Question 5

5. At the death of the Payee, AAA will pay the PRESENT VALUE of the unpaid benefit amount, including interest, IN A LUMP SUM , to:

Answer 5

the Payee’s designated beneficiary, of the Payee’s estate if a beneficiary has not been named.