Free Life Policy Provisions Options and Riders Practice Questions
Alaska Life, Accident & Health exam — 111 practice questions.
Subtopics: Interest only option, Fixed period option, Fixed amount option, Life income option, Spendthrift clause, Common disaster, Automatic premium loan, Collateral assignment, Policyowner rights, Convertible term, Accelerated death benefit, Payor benefit, Required provisions, Free look, Information notice, Death in grace period, Incontestability exclusions, Misstatement of age, Policy loans, Reinstatement, Reinstatement contestability, Suicide exclusion, Excluded death benefit, Cash surrender value, Automatic option, Group life grace, Conversion form, Conversion notice, Illustrations, Retained asset accounts, LTC rider summary, Policy loan default, Proceeds deductions, Settlement agreements, Group life employee plan, Standard provisions, Assignment, Beneficiaries, Beneficiary clauses, Settlement options, Nonforfeiture options, Dividend options, Riders, Grace period, Incontestable clause, Suicide clause, 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, Cost of living rider, Payor benefit rider, Return of premium rider, Child term rider, Incontestability, War exclusion, Aviation and avocation exclusions, Exclusions, Dividends, Accelerated benefits, Premium modes, Entire contract, Change of owner
Read the Life Policy Provisions Options and Riders study guide
Sample questions & answers
1. Under the interest-only settlement option the insurer:
Holds the proceeds and pays only the interest to the beneficiary
The interest-only option leaves the proceeds with the insurer and pays the beneficiary the interest earned.
2. The fixed-period settlement option pays the death proceeds:
In equal installments over a set number of years
The fixed-period option pays the proceeds in installments over a chosen number of years.
3. The fixed-amount settlement option pays:
A set installment amount until the proceeds and interest are exhausted
The fixed-amount option pays a chosen installment amount until the proceeds and interest run out.
4. The life income settlement option provides the beneficiary:
Income guaranteed for the beneficiary's lifetime
The life income option converts proceeds into income payable for the beneficiary's lifetime.
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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.
