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

Free Life Policy Provisions Options and Riders Practice Questions

Illinois Life, Accident & Health exam — 47 practice questions.

Subtopics: Collateral assignment, Contingent beneficiary, Irrevocable beneficiary, Common disaster, Guaranteed insurability rider, Automatic premium loan, Policy loan, 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, 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, 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. A collateral assignment of a life policy transfers:

A partial interest usually to secure a loan

A collateral assignment transfers a limited interest typically to a lender as security for a debt.

2. A contingent beneficiary receives the death benefit:

If the primary beneficiary has predeceased the insured

A contingent beneficiary is paid only if the primary beneficiary is not living at the insured's death.

3. An irrevocable beneficiary's written consent is generally required to:

Change the beneficiary or take certain policy actions

An irrevocable beneficiary has vested rights so consent is needed to change the beneficiary or take certain actions.

4. A common disaster provision addresses:

The order of death when the insured and beneficiary die close together

A common disaster clause determines payment when the insured and beneficiary die in the same event.

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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.