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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Tennessee Life exam — 95 practice questions.

Subtopics: Grace period, Incontestability, Reinstatement, Misstatement of age, Nonforfeiture options, Cash surrender, Dividend options, Settlement options, Waiver of premium, Accidental death, Guaranteed insurability, Accelerated benefits, Payor rider, Beneficiaries, Beneficiary succession, 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, Reduced paid-up, Extended term, Automatic premium loan, Policy loan, 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 provision that allows a life policyowner to pay an overdue premium within a set time without the policy lapsing is the:

Grace period

The grace period allows payment of an overdue premium within a set time (commonly about 30 days) while keeping coverage in force.

2. After a life policy has been in force for the contestable period (commonly two years), the insurer generally cannot void it for:

Material misstatements in the application, except fraud where allowed

After the incontestable period, the insurer generally cannot contest the policy for application misstatements (subject to limited fraud exceptions).

3. To reinstate a lapsed life policy, the insurer commonly requires:

Payment of back premiums with interest and evidence of insurability

Reinstatement typically requires payment of overdue premiums with interest plus proof of insurability within the allowed period.

4. If an insured understated their age on a life application, at death the insurer will generally:

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

Under the misstatement of age provision, the benefit is adjusted to the amount the premium would have purchased at the correct age.

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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.