1. Exam Prep
  2. Virginia
  3. Life, Accident & Health
  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

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

Subtopics: Free look, Grace period, Incontestability, Nonforfeiture, Dividends, Waiver of premium, Accelerated death benefit, Beneficiary, Settlement option, Misstatement of age, Policy loan, Assignment, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Policy loans, Dividend options, Riders, Reinstatement, Incontestable clause, Suicide clause, 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. The free-look provision in a Virginia life policy allows the owner to:

Return the policy within the stated period for a refund

The free-look lets a new owner return the policy within the stated period for a premium refund.

2. The grace period allows a life premium to be paid late while:

Keeping the policy in force

During the grace period coverage stays in force while an overdue premium is paid.

3. After the contestable period a life insurer generally may not:

Contest the policy except for nonpayment or as the law permits

After the incontestable period the insurer generally cannot contest the policy for application misstatements, subject to allowed exceptions.

4. Nonforfeiture options give a permanent life policyowner access to:

Accumulated cash value if the policy lapses or is surrendered

Nonforfeiture options (cash, reduced paid-up, extended term) preserve the owner's accumulated value.

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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 Insurance Department and the exam administrator before relying on it.