1. Exam Prep
  2. Arizona
  3. Life
  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Arizona Life exam — 87 practice questions.

Subtopics: Grace period, Incontestability, Suicide clause, Reinstatement, Waiver of premium, Accelerated death benefit, Nonforfeiture options, Entire contract, Misstatement of age, Ownership, Assignment, Collateral assignment, Beneficiary primary, Contingent beneficiary, Revocable beneficiary, Irrevocable beneficiary, Per stirpes, Common disaster, Spendthrift clause, Settlement lump sum, Interest only, Life income option, Fixed period option, Fixed amount option, Cash surrender, Reduced paid-up, Extended term, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, Accidental death rider, Guaranteed insurability, Cost of living rider, Long-term care rider, Spouse and child riders, Aviation exclusion, War exclusion, Retained asset account, Incontestability clause, Cash surrender value option, Surrender charge, Maturity date provision, Policy loan interest rate, Loan deferment clause, Change of plan provision, Exchange privilege, One-year term dividend option, Cash dividend option, Per capita designation, Minor beneficiary, Estate as beneficiary, Class designation, Facility-of-payment clause, Uniform Simultaneous Death Act, Survivorship time clause, Changing the beneficiary, Accelerated death benefit rider, Disability income rider, Return of premium rider, Waiver of monthly deduction rider, Critical illness rider, Term insurance rider, Accidental death and dismemberment rider, Hazardous occupation exclusion, Commission-of-a-felony exclusion, Hazardous hobby exclusion, Default nonforfeiture option, Guaranteed policy loan value, Contestable period after reinstatement, Assignment notification, Third-party ownership, Automatic dividend application, Creditor protection of proceeds, Trust as beneficiary, Owner's right to dividends, Contingent owner, Net cash surrender value, Accidental death benefit

Read the Life Policy Provisions Options and Riders study guide

Sample questions & answers

1. The grace period in a life insurance policy is the time during which:

A late premium may be paid without lapse

The grace period allows payment of an overdue premium after the due date while coverage remains in force, preventing immediate lapse.

2. After the incontestability period has passed, an insurer generally may not:

Contest the policy except for nonpayment or, in some cases, fraud

Once the contestable period (commonly two years) ends, the insurer generally cannot void the policy for misstatements in the application.

3. Under a typical suicide provision, if the insured dies by suicide within the stated period, the insurer will usually:

Refund the premiums paid rather than the full face amount

During the suicide period the insurer's liability is generally limited to a refund of premiums paid; afterward the full benefit is payable.

4. To reinstate a lapsed life insurance policy, the owner ordinarily must:

Provide evidence of insurability and pay back premiums with interest

Reinstatement typically requires proof of insurability, payment of overdue premiums with interest, and repayment of any loan.

All Life topics

Practice: Life Policy Provisions Options and Riders

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Pennsylvania Insurance Department and the exam administrator before relying on it.