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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Virginia Life exam — 95 practice questions.

Subtopics: Free look, Grace period, Incontestability, Misstatement of age, Suicide clause, Reinstatement, Nonforfeiture, Reduced paid-up, Extended term, Settlement options, Waiver of premium, Accidental death, Guaranteed insurability, Beneficiary designation, Policy loans, Entire contract, 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, 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. Virginia life policies must include a free-look period during which the owner may:

Return the policy for a refund of premium

The free-look provision lets a new policyowner return the policy within the stated period for a refund of premium paid.

2. The grace period in a life policy allows the owner to:

Pay an overdue premium without lapse and keep coverage in force

During the grace period a premium may be paid late while coverage stays in force.

3. After the policy has been in force for the contestable period, the insurer generally:

Cannot contest the policy except for nonpayment or as the law allows

After the incontestable period (commonly two years), the insurer generally may not contest the policy for misstatements except as allowed (e.g., nonpayment).

4. If an insured's age was misstated the death benefit is generally:

Adjusted to what the premium paid would have purchased at the correct age

Under the misstatement of age/sex provision, benefits are adjusted to the amount the premiums would have bought at the true 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 Insurance Department and the exam administrator before relying on it.