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Free Life Policy Provisions Options and Riders Practice Questions

Missouri Life exam — 95 practice questions.

Subtopics: Grace period, Incontestability, Reinstatement, Waiver of premium, Accidental death, Guaranteed insurability, Nonforfeiture options, Reduced paid-up, Extended term, Dividend options, Settlement options, Policy loans, Automatic premium loan, Beneficiary designation, Entire contract, Misstatement of age, Ownership, Assignment, Collateral assignment, Suicide clause, 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, 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 the:

Grace period

The grace period permits payment of an overdue premium for a set number of days while keeping coverage in force.

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

Contesting the policy for most misstatements

After the contestable period (commonly two years), the insurer generally cannot contest the policy for misstatements except where the law allows, such as fraud.

3. Which provision allows a lapsed life policy to be restored if the owner meets certain conditions?

Reinstatement provision

The reinstatement provision lets an owner restore a lapsed policy by paying back premiums with interest and providing evidence of insurability within an allowed period.

4. The rider that keeps a life policy in force without premium payment if the insured becomes totally disabled is the:

Waiver of premium rider

The waiver of premium rider waives premiums while the insured is totally disabled, keeping the policy in force.

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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.