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  2. Idaho
  3. Life, Accident & Health
  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

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

Subtopics: Policyowner rights, Collateral assignment, Life income option, Interest-only option, Fixed-period option, Spendthrift clause, Common disaster, Exclusions, Convertible term, Cost-of-living rider, Return of premium, Accelerated death benefit, Standard provisions, Assignment, 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, Return of premium rider, Child term rider

Read the Life Policy Provisions Options and Riders study guide

Sample questions & answers

1. The person who possesses the ownership rights in a life insurance policy, such as naming the beneficiary, is the:

Policyowner

The policyowner holds the contractual rights such as naming or changing the beneficiary and electing options.

2. A collateral assignment of a life insurance policy is typically used to:

Pledge the policy as security for a loan

A collateral assignment temporarily pledges policy values as security for a debt, without transferring full ownership.

3. A settlement option that pays the beneficiary an income they cannot outlive is the:

Life income option

The life income settlement option guarantees payments for the beneficiary's lifetime so the income cannot be outlived.

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

Holds the proceeds and pays interest to the beneficiary

With the interest-only option, the insurer retains the proceeds and pays interest to the beneficiary, with the principal payable later.

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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.