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

Free Life Policy Provisions Options and Riders Practice Questions

Illinois Life exam — 90 practice questions.

Subtopics: Grace period, Incontestability, Misstatement of age, Suicide provision, Reinstatement, Nonforfeiture options, Dividend options, Waiver of premium rider, Accelerated death benefit, Settlement options, Entire contract, 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, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Waiver 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. An Illinois life policy must provide a grace period for late premium payment of at least:

30 days

Illinois life policies must include a grace period of at least 30 days during which the policy stays in force.

2. An Illinois life policy generally becomes incontestable after it has been in force during the insured's lifetime for:

2 years

Illinois requires that a life policy be incontestable after it has been in force for two years during the insured's lifetime.

3. If an Illinois insured misstated age the death benefit is:

Adjusted to what the premium would have purchased at the correct age

Under the misstatement of age provision the benefit is adjusted to the amount the premium paid would have purchased at the correct age.

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

Refund the premiums paid

If suicide occurs within the stated period the insurer's liability is generally limited to a refund of premiums paid.

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 Insurance Department and the exam administrator before relying on it.