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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Delaware Life, Accident & Health exam — 52 practice questions.

Subtopics: Assignment, Interest-only option, Fixed-period option, Fixed-amount option, Automatic premium loan, Spendthrift clause, Accelerated death benefit, Convertible term, Child term rider, Return of premium rider, Common disaster clause, One-year term dividend option, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Policy loans, Dividend options, Riders, Grace period, Reinstatement, Incontestable clause, Suicide clause, Misstatement of age, Primary beneficiary, Irrevocable beneficiary, Minor beneficiary, Per capita, Estate as beneficiary, Dividend option cash, Dividend option reduce premium, Dividend option accumulate at interest, Dividend option one-year term, Joint and survivor settlement, Guaranteed insurability rider, Cost of living rider, Payor benefit rider

Read the Life Policy Provisions Options and Riders study guide

Sample questions & answers

1. The provision that lets a life insurance policyowner transfer ownership rights to another party is the:

Assignment provision

The assignment provision allows the policyowner to transfer some or all ownership rights to another party.

2. Under the interest-only settlement option, the insurer:

Holds the proceeds and pays interest to the beneficiary

The interest-only option leaves the proceeds with the insurer and pays the beneficiary interest until the principal is later distributed.

3. The fixed-period settlement option pays the death proceeds:

In installments over a chosen number of years until proceeds and interest are exhausted

The fixed-period option pays equal installments over a selected number of years, exhausting the proceeds and interest.

4. Under the fixed-amount settlement option, the beneficiary receives:

Equal installments of a chosen dollar amount until proceeds and interest run out

The fixed-amount option pays a chosen dollar amount each period until the proceeds and credited interest are used up.

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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 Insurance Department and the exam administrator before relying on it.