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

Free Life Policy Provisions Options and Riders Practice Questions

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

Subtopics: Entire contract (life), Fixed period settlement, Fixed amount settlement, Interest only settlement, Accumulation at interest, Extended term option, Spendthrift clause, Common disaster, Assignment, Accelerated death benefit, Payor benefit rider, Cost of living rider, Standard provisions, 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, Return of premium rider, Child term rider

Read the Life Policy Provisions Options and Riders study guide

Sample questions & answers

1. The Entire Contract provision in a life policy means that the contract consists of:

The policy and the attached application

The Entire Contract provision states that the policy plus the attached application form the whole agreement; outside documents cannot be incorporated later.

2. The fixed-period settlement option pays the beneficiary:

Equal installments over a set number of years until proceeds and interest are exhausted

The fixed-period option distributes proceeds plus interest in equal payments over a chosen number of years.

3. Under the fixed-amount settlement option, payments continue until:

The proceeds plus interest are exhausted

The fixed-amount option pays a chosen dollar amount per period until the proceeds and interest run out.

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 principal and pays interest to the beneficiary, often until a later date.

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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.