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

Free Life Policy Provisions Options and Riders Practice Questions

Indiana Life exam — 95 practice questions.

Subtopics: Grace period, Incontestability, Reinstatement, Misstatement of age, Suicide clause, Ownership rights, Irrevocable beneficiary, Nonforfeiture options, Extended term option, Waiver of premium, Accidental death rider, Guaranteed insurability rider, Settlement options, Policy loans, Automatic premium loan, Entire contract, Ownership, Assignment, Collateral assignment, Beneficiary primary, Contingent beneficiary, Revocable 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, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, 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 provision that allows a premium to be paid after the due date without lapse is called what?

Grace period

The grace period allows the policyowner additional time after the due date to pay a premium while keeping coverage in force.

2. After a life policy has been in force for the contestable period, the incontestability clause generally prevents the insurer from doing what?

Contesting the policy for misstatements except in cases of fraud

Once the contestable period (commonly two years) passes, the insurer generally cannot contest the policy except as allowed for fraud.

3. To reinstate a lapsed whole life policy, the insured typically must do which of the following?

Provide evidence of insurability and pay back premiums with interest

Reinstating a lapsed policy generally requires proof of insurability and payment of overdue premiums with interest within the allowed period.

4. If the insured's age was misstated on a life policy, the insurer will generally do what at claim time?

Adjust the benefit to what the premium would have purchased at the correct age

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

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.