Free Life Policy Provisions Options and Riders Practice Questions
Wisconsin Life exam (series 22-01) — 138 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, Misstatement of age or sex, Revocation at divorce, Backdating, 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, Cash value 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, Incontestable exception, Incontestable typical period, Grace period standard, Grace period length, Reinstatement window, Reinstatement advantage, Suicide clause period, Misstatement of sex, Free look refund, Change of beneficiary, Primary beneficiaries share, Tertiary beneficiary, No beneficiary living, Settlement interest taxation, Life income period certain, Settlement option choice, Extended term duration, Nonforfeiture purpose, Policy loan unpaid lapse, Automatic premium loan election, Dividend options default, Accelerated benefit effect, Accelerated benefit tax, Chronic illness rider, Waiver of premium waiting, Guaranteed insurability options, ADB time limit, Accidental death exclusions, Other insured rider conversion, Assignment and beneficiary, Payor rider ends
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. Under Wis. Stat. 632.44, the grace period in an individual life insurance policy means:
The death benefit continues for at least 31 days after a missed premium
Wis. Stat. 632.44(2) requires a grace period of not less than 31 days for each premium after the first, during which the death benefit continues in force.
2. After a life policy has been in force for the contestable period, the incontestability clause generally prevents the insurer from:
Voiding it for a misstatement
In Wisconsin an individual life policy may not be contested after it has been in force 2 years during the insured's lifetime, except for nonpayment of premium (Wis. Stat. 632.46(1)).
3. To reinstate a lapsed whole life policy, the insured usually must:
Show insurability and pay back premiums
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.
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.
