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Free Life Policy Provisions Options and Riders Practice Questions

Wisconsin Life exam — 95 practice questions.

Subtopics: Grace period, Incontestability, Reinstatement, Nonforfeiture options, Policy loans, Settlement options, Waiver of premium, Accidental death rider, Guaranteed insurability, Beneficiary designation, Misstatement of age, Suicide clause, Dividend options, Entire contract, Assignment, Ownership, 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, Reduced paid-up, Extended term, Automatic premium loan, Policy loan, Partial withdrawal, Dividends not guaranteed, Paid-up additions, Accumulation at interest, Reduction of premium, Payor benefit, 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 grace period in a life insurance policy provides that:

Coverage stays in force for a stated time after a missed premium due date

A grace period keeps the policy in force for a set time (often 30 or 31 days) after the premium due date so a late payment does not immediately lapse coverage.

2. After a life policy has been in force for the contestable period, the incontestability clause generally prevents the insurer from:

Voiding the policy for a misstatement on the application

Once past the contestable period (commonly two years), the insurer generally cannot void the policy for application misstatements except in cases like fraud where permitted.

3. To reinstate a lapsed whole life policy, the insured usually must:

Provide evidence of insurability and pay back premiums with interest

Reinstatement typically requires proof of insurability and payment of overdue premiums plus interest within the allowed period.

4. Which is a standard nonforfeiture option in a whole life policy?

Reduced paid-up insurance

Nonforfeiture options, such as cash surrender, reduced paid-up insurance, and extended term, preserve the policy'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 Pennsylvania Insurance Department and the exam administrator before relying on it.