Free Life Policy Provisions Options and Riders Practice Questions
Wisconsin Life, Accident & Health exam — 99 practice questions.
Subtopics: Automatic premium loan, Extended term option, Spendthrift clause, Common disaster clause, Term conversion, Family rider, Cost of living rider, Return of premium rider, Accelerated death benefit, Payor benefit rider, Interest only option, Fixed period option, Grace period, Incontestability, Misstatement of age or sex, Assignment, Policy loans, Beneficiary designation, Revocation at divorce, Backdating, Standard provisions, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Dividend options, Riders, Reinstatement, Incontestable clause, Suicide clause, Misstatement of age, 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, Child term rider, War exclusion, Aviation and avocation exclusions, Exclusions, Dividends, Accelerated benefits, Premium modes, Free look, Entire contract, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. An automatic premium loan provision in a whole life policy:
Uses cash value to pay an overdue premium
The automatic premium loan uses available cash value to pay an overdue premium and prevent unintended lapse.
2. The extended term nonforfeiture option converts cash value into:
Term insurance at the same face amount
Extended term insurance uses the net cash value to buy paid-up term coverage equal to the original face for as long as it will last.
3. A spendthrift clause in a life policy protects:
Settlement proceeds from a beneficiary's creditors to a degree
A spendthrift clause restricts a beneficiary's ability to assign proceeds and shields them, within limits, from creditors.
4. A common disaster provision addresses what situation?
The insured and primary beneficiary die in the same event
A common disaster clause governs payment when the insured and primary beneficiary die in the same event close in time.
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Practice: Life Policy Provisions Options and Riders
Answer choices are shuffled every time, and every question comes with an explanation.
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.
