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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Minnesota Life exam — 95 practice questions.

Subtopics: Grace period, Incontestability, Suicide clause, Reinstatement, Misstatement of age, Nonforfeiture options, Policy loans, Dividend options, Settlement options, Waiver of premium, Accidental death, Guaranteed insurability, Accelerated death benefit, Automatic premium loan, Entire contract, 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, 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, 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 allows a life insurance premium to be paid after its due date without lapse is called the what?

Grace period

The grace period gives the policyowner a set time after the due date to pay an overdue premium while keeping coverage in force.

2. After a life policy has been in force for the contestable period the insurer generally may not contest the policy except for what?

Nonpayment of premium or fraud as allowed by law

Once the contestable period passes, the insurer generally cannot contest the policy except in limited cases such as nonpayment of premium or, where permitted, fraud.

3. A typical life insurance suicide provision states that if the insured dies by suicide within the stated period the insurer will do what?

Refund the premiums paid rather than pay the face amount

Under a typical suicide clause, death by suicide within the stated period results in a return of premiums paid rather than payment of the full face amount.

4. To reinstate a lapsed life insurance policy the insurer generally may require which of the following?

Proof of insurability and payment of back premiums

Reinstating a lapsed policy generally requires evidence of insurability and payment of overdue premiums with interest, within the allowed reinstatement window.

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Practice: Life Policy Provisions Options and Riders

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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.