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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

Washington Life exam — 89 practice questions.

Subtopics: Grace period, Incontestability, Misstatement of age, Nonforfeiture, Waiver of premium, Accelerated benefit, Settlement options, Beneficiary designation, Policy loan, 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, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction 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, 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 keeps a Washington life policy in force for a period after a missed premium is the:

Grace period

The grace period allows a policy to remain in force for a stated time after a premium due date before lapse.

2. After a Washington life policy has been in force during the insured's lifetime for the contestable period, the insurer generally cannot:

Contest the policy except for limited grounds such as fraud

After the contestability period the insurer generally cannot contest the policy except for limited grounds such as fraud.

3. If an insured understated their age on a Washington life application, at death the insurer will typically:

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

The misstatement of age provision adjusts the death benefit to what the premiums paid would have bought at the true age.

4. Washington's standard nonforfeiture law guarantees a whole life owner who surrenders the policy access to:

The accumulated cash surrender value

Nonforfeiture provisions guarantee the owner the cash surrender value or equivalent options such as reduced paid-up or extended term.

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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.