I just checked my (French) life insurance policy. The relevant exclusion is
lorsque le pilote ne possède pas de brevet ou de licence pour l’appareil utilisé
et/ou si le véhicule aérien (...) ne dispose pas de certificat valable de navigabilité (...)
"if the pilot does not have a diploma or licence for the aircraft in question and/or if the aircraft does not possess a valid airworthiness certificate"
So it doesn't say anything about whether the licence is appropriate for commercial operations or anything resembling an AOC, so far as I can tell, does it?