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Free Life Policy Provisions Options and Riders Practice Questions

Ohio Life exam — 78 practice questions.

Subtopics: Entire contract, Misstatement of age, Reinstatement, 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, Grace period, 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

Read the Life Policy Provisions Options and Riders study guide

Sample questions & answers

1. The entire contract provision means the policy consists of:

The policy and the attached copy of the application

The entire contract is the policy plus the attached application; outside documents cannot be incorporated.

2. If an insured's age was misstated on the application, at death the insurer will:

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

The misstatement-of-age provision adjusts benefits to the amount the premium paid would have bought at the true age.

3. To reinstate a lapsed life policy, the insured generally must:

Provide evidence of insurability and pay back premiums with interest within the allowed period

Reinstatement requires proof of insurability and payment of overdue premiums with interest within the statutory period.

4. The policyowner of a life insurance contract has the right to:

Name beneficiaries, assign, borrow, and exercise policy rights

The owner controls policy rights, including naming beneficiaries, assignment, loans, and surrender.

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