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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

South Dakota Life exam — 94 practice questions.

Subtopics: Grace period, Incontestability, Suicide clause, Reinstatement, Policy loan, Nonforfeiture options, Dividend options, Waiver of premium, Accidental death, Guaranteed insurability, Automatic premium loan, Change of beneficiary, Entire contract, Accelerated death benefit, Misstatement of age, 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, 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 grace period provision in a life insurance policy:

Allows a set time after the due date to pay a premium before the policy lapses

The grace period gives the owner a stated time after the due date to pay the premium without the policy lapsing.

2. After a life policy has been in force beyond the incontestability period, the insurer generally:

Cannot contest the policy for misstatements except in cases such as fraud as allowed by law

Once the incontestability period passes, the insurer generally cannot contest the policy except as the law allows.

3. Under a typical suicide clause, if the insured dies by suicide within the stated period, the insurer will generally:

Refund or return the premiums paid rather than pay the full face amount

During the suicide exclusion period, the insurer typically returns premiums paid instead of paying the full death benefit.

4. To reinstate a lapsed whole life policy, the insurer generally requires the owner to:

Pay back premiums with interest and show evidence of insurability

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

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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.