LLQP (Life Licence Qualification Program) Practice Exam · Question
An individual disability income policy in Ontario typically contains statutory conditions. Under which statutory condition must the insurer pay the claim within a specified timeframe after receiving proof of loss?
The 'Payment of Claims' (or 'Time of Payment of Claims') statutory condition specifies that the insurer must pay indemnities (benefits) immediately upon receipt
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Question: An individual disability income policy in Ontario typically contains statutory conditions. Under which statutory condition must the insurer pay the claim within a specified timeframe after receiving proof of loss?
Answer options:
- Proof of Loss
- Notice and Proof of Claim ✅ Payment of Claims
- Termination
Correct answer: Payment of Claims
Explanation: The 'Payment of Claims' (or 'Time of Payment of Claims') statutory condition specifies that the insurer must pay indemnities (benefits) immediately upon receipt of due proof of claim, or within a set number of days depending on the type of benefit.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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