1. Exam Prep
  2. New York
  3. Life
  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

New York Life exam (series 17-51) — 45 practice questions.

Subtopics: Free look, Grace period, Incontestability, Reinstatement, Misstatement of age, Accelerated benefits, Entire contract, 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, Reduced paid-up, Extended term, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Waiver of premium, Payor benefit, Accidental death rider, Guaranteed insurability, Cost of living rider, Long-term care rider, Spouse and child riders, Aviation exclusion, War exclusion, Retained asset account

Sample questions & answers

1. The standard free-look (right to examine) period required on an individual New York life policy is at least:

10 days

New York requires that an individual life policy be returnable for a refund during a free-look period of at least 10 days.

2. A New York individual life policy must provide a premium grace period of at least:

31 days

New York requires a grace period of at least 31 days (one month) during which the policy stays in force.

3. A New York life policy generally becomes incontestable after it has been in force during the insured's lifetime for:

2 years

After 2 years a New York life policy is incontestable except for nonpayment of premium and certain stated exceptions.

4. To reinstate a lapsed New York life policy, the owner generally must provide:

Evidence of insurability and payment of overdue premiums with interest

New York reinstatement requires satisfactory evidence of insurability and payment of overdue premiums with interest.

All Life topics

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 Pennsylvania Insurance Department and the exam administrator before relying on it.