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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Georgia Life exam — 88 practice questions.

Subtopics: Grace period, Incontestability, Reinstatement, Nonforfeiture, Policy loan, Waiver of premium, Accelerated benefit, Settlement options, Entire contract, Misstatement of age, Ownership, Assignment, Collateral assignment, Suicide clause, 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, 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 time after a premium due date during which coverage continues and the premium may still be paid is the:

Grace period

The grace period keeps the policy in force for a stated time after the due date so a late premium will not cause a lapse.

2. After a life policy has been in force a set period, the insurer generally cannot void it for misstatements; this is the:

Incontestability provision

The incontestability clause bars the insurer from contesting the policy for misstatements after it has been in force (commonly two years).

3. Restoring a lapsed life policy may require proof of insurability and payment of back premiums under the:

Reinstatement provision

Reinstatement lets a lapsed policy be restored within a set time upon evidence of insurability and payment of overdue premiums with interest.

4. The choices a policyowner has for the accumulated cash value if a whole life policy lapses are the:

Nonforfeiture options

Nonforfeiture options (cash surrender, reduced paid-up, extended term) protect the policyowner's accumulated cash value.

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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.