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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Texas Life Agent exam (series InsTX-Life01) — 44 practice questions.

Subtopics: Free look, Grace period, Incontestability, Suicide, Misstatement of age, Entire contract, 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

Sample questions & answers

1. The minimum free-look (right to examine) period for an individual life policy in Texas is:

10 days

Texas provides at least a 10-day right to examine an individual life policy and return it for a full refund.

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

31 days

A grace period of at least 31 days keeps coverage in force after a missed premium.

3. A Texas 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.

4. The maximum suicide exclusion period allowed in a Texas life policy is:

2 years

The suicide exclusion is limited to 2 years from the policy issue date.

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