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

Free Life Policy Provisions Options and Riders Practice Questions

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

Subtopics: Primary and contingent beneficiaries, Spendthrift clause, Common disaster provision, Assignment, Payor rider, Return of premium rider, Term conversion, Extended term option, Cash surrender, Interest only settlement, Fixed period settlement, Ownership rights, 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, Cost of living rider, Payor benefit rider, Child term rider

Read the Life Policy Provisions Options and Riders study guide

Sample questions & answers

1. If the primary beneficiary dies before the insured the death benefit generally goes to whom?

The contingent beneficiary

If no primary beneficiary survives the insured, the death benefit is generally paid to the contingent (secondary) beneficiary.

2. A spendthrift clause in a life insurance settlement is designed to do what?

Protect proceeds left with the insurer from the beneficiary's creditors

A spendthrift clause protects policy proceeds held by the insurer under a settlement option from the claims of the beneficiary's creditors.

3. A common disaster provision is used when what happens?

The insured and primary beneficiary die in the same event

A common disaster provision addresses the situation where the insured and the primary beneficiary die in the same event, generally presuming the insured survived so contingent or estate arrangements apply.

4. Assigning a life insurance policy to a bank as collateral for a loan is an example of what?

A collateral assignment

A collateral assignment transfers a limited interest in the policy to a lender as security for a debt, without transferring full ownership.

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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.