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  4. Life Policy Provisions Options and Riders

Free Life Policy Provisions Options and Riders Practice Questions

West Virginia Life exam — 93 practice questions.

Subtopics: Grace period, Incontestability, Suicide clause, Reinstatement, Nonforfeiture options, Dividend options, Policy loan, Waiver of premium, Guaranteed insurability, Accidental death, Settlement options, Automatic premium loan, Entire contract, Misstatement of age, 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, Reduced paid-up, Extended term, 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. The grace period provision in a life insurance policy:

Allows a late premium to be paid without lapse for a stated number of days

The grace period lets the policyowner pay an overdue premium within a stated number of days while keeping coverage in force.

2. After a life policy has been in force for the contestable period (commonly two years), the insurer generally:

Cannot contest the policy except for nonpayment of premium or certain fraud

Once the incontestability period passes, the insurer generally cannot contest the policy except for limited reasons such as nonpayment.

3. Under a typical suicide clause, if the insured dies by suicide within the stated period, the insurer will generally:

Refund the premiums paid rather than the full death benefit

During the suicide exclusion period the insurer typically refunds premiums paid instead of paying the full death benefit.

4. To reinstate a lapsed life insurance policy, the owner generally must:

Pay back premiums with interest and show evidence of insurability

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

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Practice: Life Policy Provisions Options and Riders

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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.