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  2. New Mexico
  3. Life, Accident & Health
  4. Life Underwriting and Riders

Free Life Underwriting and Riders Practice Questions

New Mexico Life, Accident & Health exam — 67 practice questions.

Subtopics: Incontestability, Suicide clause, Misstatement of age, Accidental death, Waiver of premium, Guaranteed insurability, Underwriting, MIB, Group life, Conversion, Assignment, Spendthrift clause, Insurable interest, Personal uses, Determining amount, Business uses, Viatical settlements, Classes of policies, Premium factors, Premium frequency, Producer responsibilities, Policy delivery, Company underwriting, Classification of risks, Legal concepts, Definitions of perils, Types of losses and benefits, Limited health policies, Replacing health insurance, Premium determination, Conditional receipt, Binding receipt, Insuring clause, Consideration clause, Free-look provision, Policy ownership, Third-party ownership, Mortality table, Level premium concept, Net amount at risk, Policy reserves, Living benefits of cash value, Attending physician statement, Inspection report, Declined risk, Flat extra premium, Replacement, Buyer's Guide, Controlling adverse selection, Premature death, Final expense insurance, Estate liquidity, Charitable uses, Survivorship policy, Juvenile insurance, Life settlement, Creditor insurable interest, Human life value

Sample questions & answers

1. The incontestability clause in a New Mexico life policy generally prevents the insurer from contesting the policy for material misstatements after it has been in force during the lifetime of the insured for:

Two years

The incontestability clause typically bars the insurer from contesting the policy after two years except for limited matters such as fraud where allowed.

2. A typical suicide clause in a New Mexico life policy provides that if the insured dies by suicide within the stated period the insurer will:

Refund the premiums paid rather than pay the full face amount

Within the suicide exclusion period the insurer generally returns premiums paid instead of paying the full death benefit.

3. If a New Mexico life insured's age was understated on the application, at death the insurer will generally:

Adjust the death benefit to what the premium paid would have purchased at the correct age

The misstatement of age provision adjusts the death benefit to the amount the premium actually paid would have bought at the true age.

4. An accidental death benefit rider on a New Mexico life policy pays an additional amount when death results from:

An accident as defined in the rider

The accidental death benefit pays an extra amount only when death results from an accident as defined by the rider.

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Practice: Life Underwriting 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.