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  3. Life, Accident & Health
  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Tennessee Life, Accident & Health exam — 52 practice questions.

Subtopics: Automatic premium loan, Policy loan, Suicide clause, Assignment, Extended term, Dividend options, Settlement options, Cost-of-living rider, Return of premium, Children's term rider, Standard provisions, Beneficiaries, Beneficiary clauses, Nonforfeiture options, Policy loans, Riders, Grace period, Reinstatement, Incontestable clause, Misstatement of age, Primary beneficiary, Irrevocable beneficiary, Minor beneficiary, Per capita, Estate as beneficiary, Dividend option cash, Dividend option reduce premium, Dividend option accumulate at interest, Dividend option one-year term, Joint and survivor settlement, Guaranteed insurability rider, Cost of living rider, Payor benefit rider, Return of premium rider, Child term rider

Read the Life Policy Provisions Options and Riders study guide

Sample questions & answers

1. A whole life feature that uses available cash value to cover an unpaid premium and prevent lapse is the:

Automatic premium loan provision

The automatic premium loan provision pays an overdue premium from the policy's cash value to prevent lapse.

2. The right of a whole life owner to borrow against the policy's cash value is the:

Policy loan provision

The policy loan provision lets the owner borrow against accumulated cash value, with unpaid loans reducing the death benefit.

3. If a life insured dies by suicide within the policy's stated suicide period, the insurer generally:

Refunds the premiums paid rather than the full face amount

During the suicide period, the insurer typically returns premiums paid instead of paying the full face amount.

4. Transferring ownership rights in a life policy to another party is called:

Assignment

Assignment is the transfer of policy ownership rights; it may be absolute or collateral.

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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.