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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Louisiana Life exam — 95 practice questions.

Subtopics: Grace period, Free look, Incontestability, Reinstatement, Suicide clause, Misstatement of age, Entire contract, Cash surrender, Reduced paid-up, Extended term, Dividend options, Waiver of premium, Accidental death, Guaranteed insurability, Policy loans, Ownership, Assignment, Collateral assignment, 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, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, Accidental death rider, 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 gives a life policyowner a period after the premium due date to pay without the policy lapsing is the:

Grace period

The grace period allows the owner additional time after the due date to pay a premium before the policy lapses.

2. The free-look provision in a life insurance policy allows the policyowner to:

Return the policy within a set number of days for a full refund

The free-look period lets the owner examine the policy and return it for a full premium refund within the stated number of days.

3. After a life policy has been in force for two years, the incontestability clause generally prevents the insurer from:

Contesting the policy for misstatements except where fraud is permitted

Once the contestable period passes, the insurer generally cannot contest the policy for misstatements, subject to limited fraud exceptions.

4. To reinstate a lapsed life insurance policy, the insurer typically requires:

Payment of back premiums with interest and evidence of insurability

Reinstatement generally requires payment of overdue premiums with interest and proof of insurability.

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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 Pennsylvania Insurance Department and the exam administrator before relying on it.