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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Pennsylvania Life exam (series 16-01) — 90 practice questions.

Subtopics: Free look, Grace period, Incontestability, Divorce effect, Accelerated benefit, Reinstatement, Misstatement of age, Suicide clause, Nonforfeiture options, Policy loan deferral, 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, 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, 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 standard free-look period for an individual life policy in Pennsylvania is:

10 days (30 days for insureds age 65 and older)

Pennsylvania provides a 10-day free look, extended to 30 days for insureds age 65 and older, for a full refund.

2. Pennsylvania individual life policies must provide a premium grace period of at least:

31 days

A 31-day grace period keeps coverage in force after a missed premium; a death claim is paid less the overdue premium.

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

2 years

After 2 years the insurer generally cannot contest the policy for misstatements, except for nonpayment of premium.

4. In Pennsylvania, a divorce generally affects a life insurance beneficiary designation naming the former spouse by:

Treating the former spouse's designation as ineffective in many cases by statute

Pennsylvania law can void a beneficiary designation in favor of a former spouse upon divorce unless reaffirmed.

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 Insurance Department and the exam administrator before relying on it.