Question

Are PA policies subject to the principle of 'contribution' at the time of claim?

a.

Yes, claims are not paid if the policyholder has multiple policies with different insurers.

b.

No, claims are paid under all policies even if the policyholder has multiple policies with different insurers.

c.

It depends on the severity of the accident.

d.

Only claims for permanent disability are subject to 'contribution.'

Posted under IC38 Life Insurance Agent Exam

Answer: (b).No, claims are paid under all policies even if the policyholder has multiple policies with different insurers. Explanation:PA policies are not subject to the principle of 'contribution' at the time of claim. Claims would be paid under all policies if the policyholder has multiple policies with different insurers.

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Q. Are PA policies subject to the principle of 'contribution' at the time of claim?
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